* Our Parent Company Crypto Token is LIVE!!! *Flag Token

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

Date:

Share post:

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.

In a statement, administrators at KordaMentha stated that creditors would be paid over the next five years out of the exchange’s quarterly net profits.

“Customers will be repaid in cryptocurrency and fiat currency, depending on the asset composition of their…

Read more…

Related articles

VeChain based NFT blockchain MMORPG launches whitepaper in trillion-$-market

VeChain-backed gaming metaverse ExoWorlds has launched its Whitepaper. The protocol aims to bolster user experience...

ChromaWay and the Inter-American Development Bank Collaborate to Improve Property Registration using the Chromia Blockchain

Stockholm, Sweden, 1st February, 2023, Chainwire According to a recent report published by the IADB,...

Fintech Engage People to Enable bp Customers to Pay with their Reward Points at the Pump

Engage People, which claims to be the only loyalty network that enables program members to pay with points...

Letter: Argentina and Brazil should heed fate of the Bolivarian ‘sucre’

The idea that Brazil and Argentina would benefit from a common single currency to replace their respective legal...