Troubled global cryptocurrency exchange FTX has appointed administrators to the two Australian entities associated with the group | sdanck
Troubled global cryptocurrency exchange FTX has appointed administrators to the two Australian entities associated with the group, which is facing imminent collapse after rival operator BinanceFTX Australia and FTX Exchange on Friday appointed administrators from KordaMentha, who plan to work through the weekend sifting through the books and records of FTX’s local companies.
The collapse of the deal has ravaged cryptocurrency markets, slicing more than 20 per cent off the price of bitcoin and prompting a collapse in the value of other cryptocurrencies. FTX this week advised that it had liquidity issues within various entities associated with the company’s non-US businesses. The FTX sources suggested it could be the case that Australian customers of FTX will receive less than 100 cents in the dollar on their deposits given the global group’s financial troubles.
“We are working cooperatively with the directors to confirm the status quo and will report back to allcustomers as a matter of urgency.”
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