Digital Surge has appointed KordaMentha as administrator after getting caught up in the downfall of troubled international exchange FTX.
Brisbane-based cryptocurrency exchange Digital Surge has collapsed into administration, suspending over 30,000 user accounts after it was caught up in the downfall of troubled international exchange FTX.
Brisbane-based cryptocurrency exchange Digital Surge has collapsed into administration, suspending over 30,000 user accounts.This was due to the business holding “a portion” of its assets – Australian dollars and crypto – on FTX to facilitate trades. FTX spectacularly collapsed last month after it was revealed the company did not have sufficient client funds.
In a separate statement on Friday, Digital Surge chief executive Dan Rutter said the administration was necessary to let the company’s directors proceed with an unorthodox proposal, which would see users bailed out by the business’ owners.
“There’s no denying this has been an extremely difficult and upsetting time for everyone in the cryptocurrency sector. We have always operated with our users’ best interests at heart, including the decision to enter this process.”The proposal put forward by the company’s directors will be considered by the administrators, along with other avenues such as seeking a potential buyer. Customers will vote on any potential deal in the new year.
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.
Digital Surge bailout plan includes $1m from foundersBrisbane-based crypto-exchange Digital Surge directors will tip $1 million of their own money into a repayment plan that aims to refund its 30,000 customers every dollar owed to them.
Read more »
Michael is among the many Digital Surge crypto investors whose savings are still in limboTens of thousands of Australian investors with superannuation and savings tied up in cryptocurrency remain in suspense, as a major Australian broker collapses into voluntary administration.
Read more »
Heavy rain, sinkhole disrupt morning commute ahead of hot Brisbane dayOvernight storms and heavy rain have caused a sinkhole to open up on one of Brisbane’s busiest roads.
Read more »
Dogs that fatally mauled a meter reader south of Brisbane have been put downTwo dogs that attacked and killed meter reader Kane Minion at a property in Greenbank on Saturday have been euthanised, Logan Council has confirmed.
Read more »
Unidentified bone found in Brisbane creek as search for missing man continuesThe bone was found during a search for missing man Joshua Mou. Investigators are working to determine whether his disappearance is suspicious.
Read more »