Australian crypto exchange Digital Surge to reimburse creditors after losing $33M to FTX’s collapse

Digital Surge, the Australian cryptocurrency exchange that lost $33 Million to FTX’s collapse has been bailed out.

CoinDesk reports that Digital Surge creditors have approved a long-term recovery plan.

According to a deed of company arrangement (DoCA), the exchange will receive a loan of 1.25 million Australian dollars from an associated business, Digico, to allow it to function.

Also, customers under $250 will be repaid in full and others will receive at least 45% of their balance over five years.

Approximately 22,000 of Digital Surge’s customers had their digital assets frozen since Nov. 16 and more than half of the company’s digital assets were held on FTX.


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