#Backpack Acquires FTX EU#

Backpack Exchange has acquired the bankrupt FTX Europe entity for $32.7 million, taking responsibility for distributing approximately €53 million ($55 million) in previously court-approved FTX bankruptcy claims to FTX EU customers. The deal, approved by the Cyprus Securities and Exchange Commission and the FTX bankruptcy court, marks Backpack Exchange's expansion of its derivatives business in the European market. The acquisition of FTX EU is part of Backpack Exchange's plan to provide resolution and refunds to EU FTX users who suffered losses in the FTX collapse. As part of the acquisition, FTX EU will be rebranded as EU Backpack to better integrate with Backpack Exchange's brand and operations. The completion of this deal marks a significant development following the FTX collapse, offering affected customers an opportunity to recover some of their losses while also providing Backpack Exchange with an opportunity to expand in the European market.