Backpack Exchange, founded by former FTX and Alameda employees, has acquired the bankrupt FTX former European entity for $32.70 million to expand the derivatives business it offers in the region. FTXEU was one of the business units that ultimately went bankrupt after FTX collapsed in 2022. As part of the acquisition, Dubai-based Backpack will be responsible for distributing FTXEU customers previously court-approved FTX bankruptcy claims of around 53 million euros ($55 million). Backpack Exchange has received approval from the Cyprus Securities and Exchange Commission and the FTX Bankruptcy Court to formally acquire FTXEU. Backpack Exchange will be responsible for distributing the bankruptcy claims of FTXEU users previously approved by the court.