Almost $30 million in digital assets they thought was safely held in crypto wallets with Brisbane-based Digital Surge is caught up in the bankruptcy of global crypto exchange FTX.
Digital Surge had deep trading links with FTX and froze accounts in November to stave off its own bankruptcy before going into voluntary administration in December.
David Johnstone of KordaMentha told the first creditors meeting a vote on the future of Digital Surge would take place on January 24. Under administration, the cryptocurrencies on the digital books are considered company assets – not that of individuals – which makes account holders unsecured creditors.However, Johnstone said they have made a claim on behalf of Digital Surge to the lead bankruptcy lawyers handling FTX proceedings in the United States for the full amount.
In the meantime, $29.7 million in digital assets has been moved to ZeroCap, which he said was a reputable Australian exchange to use as a custodian and insurance had been obtained for those holdings.Digital Surge was founded in 2017 and offered access to more than 300 cryptocurrencies through its technology platform.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
More than 7.3 million Aussies slugged with $1000 hidden paymentMillions of Australians are paying more for home and contents insurance as the cost of living crisis continues to bite. 7NEWS
Read more »
Gold Tower revamp to further transform Brisbane’s Golden TriangleNew ground-floor retail tenancies and “improved arrival plazas” are among the changes earmarked for the Eagle Street landmark.
Read more »
Man allegedly struck pedestrians, cyclist with car in Brisbane’s southIn three separate incidents, a woman, a man and a cyclist were hit by a car from behind and were left without aid in the past two weeks.
Read more »
Qld’s population pendulum forecast to swing to an even greater BrisbaneBy the time the Olympic flame is lit at the Gabba in 2032, most Queenslanders are expected to live in Brisbane.
Read more »
‘Almost beyond comprehension’: police investigate crash that killed four people in central VictoriaTwo drivers are in hospital after ‘high-speed accident’ at a four-way intersection near Shepparton
Read more »
Your ultimate Brisbane events guide: what’s on this weekend, and the best things to do through JanuarySummer in the City is Guardian Australia’s handpicked guide to the best arts, gigs and festivals happening around the country. Here, we’ve selected some highlights for Brisbane in January
Read more »