Australia business FTX Bankruptcy Australia

Crypto exchange Digital Surge emerges as a rare survivor of FTX fallout

Reading now: 298

Australian cryptocurrency exchange Digital Surge appears to have narrowly avoided collapse, despite having millions of dollars in digital assets tied up in the now-bankrupt FTX crypto exchange.On Jan.

24 local time, Digital Surge creditors approved a five-year bailout plan, which aims to eventually refund its 22,545 customers who had their digital assets frozen on the platform since Nov.

16, while allowing the exchange to continue operating. The rescue plan was first floated to customers by the exchanges’ directors via email on Dec.

8, the same day the company fell into administration.As per the “Deed of Company Arrangement,” the Australian crypto exchange will receive an $884,543 (1.25 million Australian dollars) loan from an associated business, Digico — allowing the exchange to continue trading and operating.

The website is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News