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Australian crypto exchange collapses

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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 represents two national risks to Australians”: should you delete the app?

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Democracies continue to ban popular video-sharing app TikTok over national security concerns

Australia recently banned TikTok from all federal government owned devices over security concerns.

Canberra is the latest in a string of U.S.-backed allies to take action against the popular video-sharing app.

The ban centres around concerns China could use the app to trace users’ data, and undermine democratic values.

Senator James Paterson is the Australian Shadow Minister for Home Affairs and Cyber Security, who said TikTok poses a risk to Australians.

“They can get access to awful amount of information on your phone.

“Because it’s beholden to the Chinese Communist Party, there’s no guarantee it won’t fall into their hands,” he said.

Senator Paterson said there are “six or seven million Australians who use the app.”

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Cyber attacks are on the rise, so what is being done to combat them?

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Australia experienced two of its worst cyber attacks on record last year, as the world braces for cyber warfare to rise

 
Ukraine has suffered a threefold growth in cyber-attacks over the past year.

Viktor Zhora is leading Ukraine’s State Service of Special Communications and Information Protection agency, who said cyber attacks are occurring at the same time as missile strikes at the hands of Russia.

Mr Zhora said in some cases, the cyber-attacks are “supportive to kinetic effects”.

On the other side of the planet, Russian hackers were responsible for Australia’s Medibank scandal.

“This is a crime that has the potential to impact on millions of Australians and damage a significant Australian business,” said Reece Kershaw, who is the Commissioner of the Australian Federal Police.

Australian Shadow Minister for Home Affairs and Cyber Security is James Paterson, who said Australia can learn from cyber warfare in Ukraine.

“Ukraine is a lesson for the world.

“They are fighting a hybrid war, one on the ground and one online. If there is to be future conflict including in our own region, in the Indo-Pacific, it’s highly likely that the first shots in that war will occur cyber domain not in the physical world,” Senator Paterson said.

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Amazon employees walk out to protest office policies

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Staff at warehousing giant Amazon have walked off the job to protest the company’s return-to-office program

Over 1,900 Amazon employees pledged to protest globally over proposed changes to the company’s climate policy, layoffs and a return-to-office mandate.

The activist group behind the rally is known as Amazon Employees for Climate Justice (AECJ), who are seeking a greater voice for employees.

“Our goal is to change Amazon’s cost/benefit analysis on making harmful, unilateral decisions that are having an outsized impact on people of color, women, LGBTQ people, people with disabilities, and other vulnerable people,” organisers said.

Over 100 people gathered at the heart of Amazon’s Seattle headquarters on Wednesday. The company said it had not witnessed any other demonstrations.

AECJ said the walkout comes after Amazon made moves “in the wrong direction”.

The company recently has recently overturned a desire to make all Amazon shipments net zero for carbon emissions by 2030.

The company maintains a pledge on climate change.

Amazon spokesperson Brad Glasser told Reuters the company is pursuing a strategy to cut carbon emissions.

“For companies like ours who consume a lot of power, and have very substantial transportation, packaging, and physical building assets, it’ll take time to accomplish.”

AECJ protesters also sought support for the 27,000 staff, who had lost their jobs in recent months —around 9 per cent of Amazon’s global workforce.

The company has also mandated a return-to-office program.

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