Golden Finance reported that Backpack Exchange, founded by former FTX and Alameda employees, acquired the bankrupt FTX former European entity for $32.7 million to expand the derivatives business it provides in the region. FTXEU was one of the business units that ended up bankrupt after FTX collapsed in 2022. As part of the acquisition, Dubai-based Backpack will be responsible for distributing to FTXEU clients approximately €53 million ($55 million) of the previous court-approved FTX bankruptcy claims. It was reported yesterday that Backpack Exchange has received approval from the Cyprus Securities and Exchange Commission and the FTX Bankruptcy Court to officially acquire FTXEU. Backpack Exchange will be responsible for allocating FTXEU user bankruptcy claims previously approved by the court.