Reported by The Block: Backpack Exchange, founded by former FTX and Alameda Research employees, has acquired FTX EU — the European arm of the crypto exchange that infamously collapsed in late 2022.
U.S. spot Bitcoin and Ethereum ETFs attracted more than $1.1 billion in combined net inflows on Monday, helping bitcoin to briefly reclaim the $100,000 level before Tuesday’s correction.
CFTC Chair Rostin Behnam is stepping down from the role on Jan. 20, with his final day at the agency set for Feb. 7.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Backpack acquires FTX EU
Backpack Exchange, founded by former FTX and Alameda Research employees, has acquired FTX EU — the European arm of the crypto exchange that infamously collapsed in late 2022.
The acquisition follows approval by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission.
Backpack EU will handle the distribution of the previous court-approved FTX EU bankruptcy claims to users, with CEO Armani Ferrante emphasizing the importance of customer restitution to rebuild trust in the industry.
The exchange plans to launch crypto derivatives, including perpetual futures, across the EU in Q1 2025.
Ferrante raised $20 million to found crypto infrastructure company Coral — which developed the Backpack trading and wallet tech stack — in a round co-led by Jump Crypto and FTX Ventures in 2022.
However, the majority of those funds were lost when FTX subsequently collapsed, Ferrante previously told The Block.
Backpack was valued at $120 million during its Series A financing round in early 2024.
Bitcoin and Ethereum ETFs attract over $1 billion in combined daily inflows
U.S. spot Bitcoin and Ethereum ETFs attracted more than $1.1 billion in combined net inflows on Monday, helping bitcoin to briefly reclaim the $100,000 level before Tuesday's correction.
The spot Bitcoin ETFs brought in $978.6 million, led by Fidelity’s FBTC fund, which registered $370.2 million in net inflows.
The Bitcoin ETFs have now witnessed positive flows of more than $900 million for two trading days in a row, marking a significant turnaround following nearly $2 billion in net outflows witnessed during the prior two weeks.
Meanwhile, the spot Ethereum ETFs generated net inflows of $128.7 million on Monday, led by BlackRock's ETHA fund, which added $124.1 million.
CFTC Chair Rostin Behnam plans to step down following calls to regulate crypto
CFTC Chair Rostin Behnam is stepping down from the role on Jan. 20, with his final day at the agency set for Feb. 7.
Over the past few years, Behnam urged Congress to address a lack of crypto regulation at the federal level, highlighting that over 49% of the CFTC's enforcement actions in its 2023 fiscal year were related to digital assets, including the now-bankrupt FTX.
During his tenure, Behnam also supported the Digital Commodities Consumer Protection Act to define digital commodities and grant the CFTC regulatory authority over their trading.
Other agency leaders, including SEC Chair Gary Gensler and Federal Reserve Vice Chair for Supervision Michael Barr, have also announced their departures ahead of the incoming Trump administration.
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