Australian cryptocurrency exchange Digital Surge will receive a $884,543 loan, allowing it to continue operating. Administrators overseeing the deal stated that the company would pay back the loan over the next five years. Brisbane-based cryptocurrency exchange Digital Surge appears to have somehow escaped collapse, despite having millions of dollars in digital assets tied up in […]
Australian cryptocurrency exchange Digital Surge will receive a $884,543 loan, allowing it to continue operating.
Brisbane-based cryptocurrency exchange Digital Surge appears to have somehow escaped collapse, despite having millions of dollars in digital assets tied up in the now-bankrupt crypto exchange,Digico, an associated business, will lend Digital Surge $884,543 , allowing the exchange to continue trading and operating.
Creditors of Digital Surge yesterday approved a five-year bailout plan. They have the goal of eventually transferring funds to 22,545 customers who had their digital assets frozen on the platform since 16 November. All the while, the exchange would continue operating. Digital Surge, operational since 2017, became one of the major casualties of FTX’s collapse in November last year. The exchange froze its transactions, withdrawals and deposits just days after FTX declared bankruptcy.
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