FUD Around Backpack is Unwarranted 🤔 

Recently, Backpack acquired the European division of FTX, taking on not just the business itself but also its obligations to creditors.

For those unfamiliar, Backpack is a new CEX created by the team behind MadLads, while FTX is the infamous exchange that declared bankruptcy in 2022, causing its users to lose billions of dollars.

The current leadership of FTX, however, has denied this acquisition, claiming that no formal approval was granted. In response, the CEO of Backpack clarified that the deal had been arranged with FTX’s previous management and approved by regulators, making it entirely legitimate.

As a result, FTX EU is set to become part of Backpack EU in the near future. The latter will handle the process of distributing funds to European users.

The acquisition reflects its ambitious growth strategy.
With no apparent financial issues, the exchange is well-positioned to deliver on its promises.

 🚀 Keep an eye out and stay active!