Backpack, which announced its acquisition of the European arm of bankrupt exchange FTX on Monday, has not been authorized by FTX to make any distributions to any FTX customers or other creditors, the FTX bankruptcy estate said.

Fried’s former crypto enterprise appeared to be settled: Dubai-based Backpack Exchange said it had purchased FTX EU after months of wrangling.

Backpack Exchange’s claim of acquiring FTX EU faces sharp opposition from the FTX bankruptcy estate. The Dubai based exchange announced a $32.7 million acquisition of FTX EU to boost its derivatives offerings but FTX’s US estate claims ownership of the European unit remains unresolved.

Backpack Exchange, a crypto trading platform founded by former FTX and Alameda Research employees, has purchased the former European assets of the bankrupted company for $37.7 million. Armani Ferrante,

Backpack acquires FTX EU as part of ongoing FTX bankruptcy proceedings. Founded by former FTX and Alameda employees, Backpack aims to expand its derivatives offerings