DIGITAL SURGE SURVIVES FTX FALLOUT:
* There are tens of 1000’s of cryptocurrencies that may be purchased and bought on-line, with many working scorching earlier than final 12 months’s crash.
* When international trade FTX collapsed in 2022, Australian buying and selling platform Digital Surge misplaced entry to belongings it had on the trade price greater than $30 million.
* Brisbane-based Digital froze all buyer accounts in November to cease a run on crypto wallets and to stave off its personal chapter.
* The firm collapsed into voluntary administration in December, and founders mapped out a rescue plan with a serious creditor.
* Administrators discovered $55.4 million in digital belongings, however greater than half had been deposited with the FTX group.
* Smaller account holders will probably be paid out underneath the rescue plan agreed on Tuesday, however the restructured firm should flip a revenue earlier than collectors and greater account holders receives a commission out.
* FTX founder Sam Bankman-Fried blamed the collapse of his trade on plunging cryptocurrency markets.
* But US prosecuters allege Bankman-Fried stole billions of {dollars} from FTX prospects. He has pleaded not responsible.
* KordaMentha has lodged a declare with US attorneys for all Digital Surge belongings on the FTX trade however warned proceedings might take years to conclude.
