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Australian crypto exchange collapses



Australian crypto exchange in administration following the FTX collapse

Thousands of customers left in the lurch as an Australian-based crypto exchange goes bust.

As the great crypto crash continues, Digital Surge is officially in administration.

The company’s 30,000 customers all unable to trade or withdraw any money.

But if you are one of these individuals, don’t fret just yet. The company’s directors plan to spend $1 million of their own money to pay off the debts owed.

Administrators KordaMentha have also advised Digital Surge customers returning their funds is the highest priority.

“We fully appreciate the uncertainty the voluntary administration will create. We will proactively and regularly communicate with customers to ensure they are fully informed on the progress of the administration,” KordaMentha’s Scott Langdon said.

The trading platform was set up in 2017 and gave users access to over 300 different digital currencies.

Its demise has been directly linked to the collapse of global crypto exchange FTX. The $32 billion platform filed for bankruptcy amid claims it was being poorly managed.

Digital Surge had been leaning on FTX for some of its trading – and they’re not alone.

Brisbane-based Swyftx also laying off 35 per cent of its staff.

Swyftx CEOs, Alex Harper and Angus Goldman, informed workers of the “difficult decision” during at a company-wide town hall.

It’s unlikely it will end there as the market readjusts to a world without Sam Bankman-Fried’s brainchild.

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

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TikTok could be banned in the United States



TikTok in the firing line after Chinese balloon was shot down

China has hit back at the U.S. after officials shot down a suspected Chinese spy balloon off the coast of South Carolina.

Washington says it was being used to monitor strategic sites.

But Beijing rejects this – claiming the balloon was a civilian airship used to monitor the weather.

The incident is just the latest in a long line of diplomatic disputes between the two countries.

Now, TikTok could be banned in the U.S. in the wake of the incident.

Republicans are now pushing for Washington to distance itself from the Beijing-based app. #trending #featured

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Companies to pay extra for verified Twitter accounts



Elon Musk has announced that companies and brands will have to pay $1,000 per month – plus an additional $50 per sub-account – to get verified check-marks on Twitter

The new pricing falls under the new Twitter Blue for Business service.

Within the next few months, only paying Twitter customers will have verified status.

Twitter has stacked on $12.5 billion in debt, and this move hopes to increase subscription revenue to meet Musk’s obligations.

Advertisers halted spending on Twitter after the takeover, but Twitter has since announced partnerships with two brand-safety vendors to win back marketers.

Musk also announced that Twitter would start sharing ad revenue with creators for “ads that appear in their reply threads”, but didn’t provide further detail.

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BMW to invest €800 million in Mexico



BMW is set to invest €800 million in Mexico, to produce its next generation of high-voltage and fully electric batteries

The carmaker is looking to convert more than half of its sales into all-electric cars by 2030.

Construction will begin next year with production beginning in 2027.

The announcement follows several other major expansions from the automaker in recent months, including a $1.7 billion investment in the United States.

The move will add around 1,000 new jobs to its Mexico operations.

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