Digital Surge rare survivor amid FTX saga

·1-min read

DIGITAL SURGE SURVIVES FTX FALLOUT:

* There are tens of thousands of cryptocurrencies that can be bought and sold online, with many running hot before last year's crash.

* When global exchange FTX collapsed in 2022, Australian trading platform Digital Surge lost access to assets it had on the exchange worth more than $30 million.

* Brisbane-based Digital froze all customer accounts in November to stop a run on crypto wallets and to stave off its own bankruptcy.

* The company collapsed into voluntary administration in December, and founders mapped out a rescue plan with a major creditor.

* Administrators found $55.4 million in digital assets, but more than half had been deposited with the FTX group.

* Smaller account holders will be paid out under the rescue plan agreed on Tuesday, but the restructured company must turn a profit before creditors and bigger account holders get paid out.

* FTX founder Sam Bankman-Fried blamed the collapse of his exchange on plunging cryptocurrency markets.

* But US prosecuters allege Bankman-Fried stole billions of dollars from FTX customers. He has pleaded not guilty.

* KordaMentha has lodged a claim with US lawyers for all Digital Surge assets on the FTX exchange but warned proceedings could take years to conclude.

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