On January 9, Backpack officially released a response to the "FTX EU acquisition case was not approved by the court", saying that FTX reached an agreement with certain former insiders in February 2024 to sell a number of European assets, including FTX EU. The agreement was approved by the FTX bankruptcy court in March 2024 and completed in May 2024. Payments have been made to the FTX bankruptcy estate in accordance with the terms of the purchase. Backpack has since purchased FTX EU following an insider approach. The transaction has also been completed and has been recorded in official public court filings in Germany since June 2024. As a licensed entity, the transfer of FTX EU entities is subject to regulatory approval by CySec (Cyprus Securities and Exchange Commission). In December 2024, CySec approved the acquisition of Backpack after a lengthy due diligence process. Upon approval, FTX is obliged to transfer the shares in accordance with a court-approved sale and purchase agreement. FTX EU will be renamed Backpack EU and will be solely responsible for the reallocation of former FTX EU client funds.