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.
Why is the world’s largest crypto exchange battling U.S. regulators?
U.S. regulators have filed charges against Binance, the world’s largest crypt exchange
Is the idea of a financial world that operates outside of the global banking system and eludes the reach of regulations a possibility or a pipe dream?
The Securities and Exchange Commission has filed 13 charges against the Bianace, world’s largest crypt exchange and its billionaire founder, Changpeng Zhao.
The SEC alleges that the crypto exchange worked to attract U.S. customers to its unregulated international exchange, commingled investor funds with their own and violated securities laws.
In addition, the SEC is also alleging that Binance and Zhao used market-making companies—that they controlled—to inflate trading prices and profit from of their customers.
Zhao has publicly dismissed the allegations.
Stefan Rust, the former CEO of Bitcoin.com joins us to discuss. #crypto #cryptocurrency #StefanRust #veronicadudo #Binance #ChangpengZhao
Is the metaverse the future of social network?
U.S. firms like Meta, the parent company of Facebook and Microsoft are going all in on the metaverse. Meanwhile, Chinese companies appear to be taking a more cautious approach amid tighter regulation.
#metaverse #china #unitedstates #tech #veronicadudo #ozsultan #crypto
Who will win the global metaverse race?
China is looking to invest in the metaverse market as numerous cities rollout policy proposals.
Technology continues to change our lives forever.
As new advancements are released to the public—safety continues to be a major concern.
People are interacting with computers in a different way, with the word Metaverse becoming a buzzword in both the tech and business industries.
While the term, “metaverse” is broad, it refers to a set of digital spaces online—including 3D—that allows people to do many things from socializing and learning to interacting and collaborating.
Analysts say it’s the next evolution in social connection and the successor to the mobile internet.
According to Morgan Stanley, the metaverse market could be worth $8 trillion in the future.
China’s technology giants are investing in the metavese and recently, numerous Chinese cities have announced policy proposals to attract and support metaverse companies.
This comes after tense year of regulatory scrutiny on the countries tech sector.
The Chinese city of Zhengzhou recently announced a series of policy proposals to support metaverse companies operating in the region.
The initiative involves the municipal government establishing a nearly $1.5 billion dedicated fund in an effort to foster growth and development in the industry.
So, is the metaverse taking the world by storm?
Oz Sultan from the Sultan Interactive Group joins us to discuss. #china #metaverse #veronicadudo #ozsultan #regulation #crypto #tech
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