🌙 FTX EU Sold to Backpack Exchange

Backpack Exchange has acquired FTX EU for $32.7 million with regulatory approval from Cyprus and the FTX bankruptcy court.

Author

Mike Gavela
January 07, 2025

In partnership with

Crypto Roundup - January 7

The crypto industry has seen significant developments this week. FTX EU, a branch of the collapsed exchange, was acquired by Backpack, hinting at potential recovery efforts for users in Europe. Meanwhile, CFTC Chair Rostin Behnam announced his resignation amidst increasing scrutiny and calls for stronger regulatory frameworks for crypto markets in the U.S. On a brighter note, Coinbase secured a critical legal victory against the SEC, bolstering confidence within the crypto community regarding ongoing regulatory battles.

Top Stories

  • FTX EU acquired by Backpack, marking a strategic move that could aid European users in recovering funds.

  • CFTC Chair Rostin Behnam resigns, amid calls for enhanced crypto oversight in the U.S.

  • Coinbase wins key legal battle against the SEC, celebrated as a major regulatory triumph for crypto.

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TOP STORIES

FTX EU sold to former FTX employees’ Backpack Exchange for $32.7 million

Backpack acquires FTX EU for $32.7M, gaining CySEC approval to offer regulated perpetual futures in the EU by Q1 2025.

cryptobriefing.com/ftx-eu-acquisition-by-backpack

CFTC Chair Rostin Behnam Announces Resignation Amid Calls for Enhanced Crypto Oversight

Rostin Behnam, the Chairman of the U.S. Commodity Futures Trading Commission (CFTC), has announced his resignation, effective January 20, 2025, coinciding with the inauguration of President-elect Donald Trump.

economictimes.indiatimes.com/news/international/us/cftc-chair-rostin-behnam-announces-resignation-amid-calls-for-enhanced-crypto-oversight/articleshow/117032334.cms?from=mdr

Coinbase secures important win in legal dispute against the SEC, crypto community cheers

The lawsuit proceedings will stay halted while Coinbase appeals to the Second Circuit.

cryptoslate.com/coinbase-secures-important-win-in-legal-dispute-against-the-sec-crypto-community-cheers

FUNDRAISING

TONCASH Secures Strategic Investment from TON Ventures to Scale Crypto Cashback Platform - Chainwire

PRNewswire, PRNewswire, 7th January 2025, Chainwire

chainwire.org/2025/01/07/toncash-secures-strategic-investment-from-ton-ventures-to-scale-crypto-cashback-platform

OTHER HEADLINES

Aave Community Pushes Back On Proposal To Peg Ethena’s USDe Price To Tether’s USDT - "The Defiant"

A Jan. 2 proposal from Chaos Labs, a blockchain risk management platform, has faced stiff pushback from Aave community members who question its safety and potential implications.

thedefiant.io/news/defi/aave-community-pushes-back-on-proposal-to-peg-ethena-s-usde-price-to-tether-s-usdt

Terra Collapse May Have Impacted a Million Victims, Feds Allege in Do Kwon Case - Decrypt

Court documents allege that Do Kwon's crypto ecosystem Terra may have affected over a million victims when UST and LUNA collapsed in 2022.

decrypt.co/299908/terra-collapse-million-victims-feds-allege-do-kwon

Ethereum Game 'Illuvium' Reveals AI Agent Plans via Surging Virtuals Protocol - Decrypt

Amid a slew of upcoming upgrades, Illuvium will utilize Virtuals Protocol AI agents to power smarter game characters.

decrypt.co/299899/ethereum-game-illuvium-ai-agent-virtuals-protocol

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