Finance, FTX, FTX Europe, Bankruptcy, Backpack Backpack, which purchased FTX EU for $32.7 million in January, directed purchasers to complete step considered one of KYC verification. 

Crypto shopping for and promoting company Backpack, which bought the European arm of bankrupt change FTX, has begun the strategy for purchasers to claim their funds.

Backpack, which purchased FTX EU for $32.7 million in January, directed purchasers to complete step considered one of know-your-customer (KYC) verification in a post on X on Tuesday.

Step two of the strategy could be the distribution of funds, though it is unclear when it would occur. Backpack describes this as “coming later” on its FAQ page.

Backpack’s acquisition of FTX EU was criticized by the bankruptcy estate of the broader entity of FTX.

The FTX property talked about Backpack had no involvement throughout the U.S. chapter court-approved course of for returning funds and that it did not have authorization to make any distributions to purchasers.

FTX has gathered $11.4 billion in cash to distribute to occasions affected by its collapse in 2022, with payments set to commence at the end of May.

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