The ownership of FTX EU, the European arm of Sam Bankman-Fried’s former crypto company, is contested following Backpack Exchange’s claim of acquisition.

Backpack Exchange, a crypto trading platform founded by former FTX and Alameda Research employees, announced a US$32.7 million transaction to acquire FTX EU.

However, the FTX estate stated that FTX Europe AG, a subsidiary of FTX, retains full ownership as a share transfer to co-founders Patrick Gruhn and Robin Matzke has yet to be finalized.

Backpack argues the sale to the co-founders was completed in May, including payments made to the FTX bankruptcy estate, and cites approval from the Cyprus Securities and Exchange Commission as validation of the transaction.

Gruhn confirmed the sale to Backpack, saying his legal representative had notified FTX of the approval earlier this week.

However, he has not received any response and a spokesperson for FTX declined to comment further.