The question of who owns the European unit of Sam Bankman-Fried’s former crypto enterprise appeared to be settled: Dubai-based Backpack Exchange said that it had purchased FTX EU after months of wrangling, Bloomberg News reported. Backpack, a crypto trading platform founded by one-time employees of Bankman-Fried’s FTX and Alameda Research businesses, said the $32.7 million acquisition would expand its derivatives offerings in the region. But according to the US-based FTX estate, the ownership situation is less clear.
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United Arab Emirates
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Defense company Paramount filed for bankruptcy in the U.S. after suffering defeat in a long-running business dispute, Bloomberg reported. The United Arab Emirates-based company, founded by Ivor Ichikowitz in South Africa, filed for chapter 11 Thursday in Delaware. It listed assets of between $500 million and $1 billion and liabilities of between $100 million and $500 million in its bankruptcy petition.