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FTX Australia is under management

The Australian arms of the crumbling cryptocurrency empire FTX have been placed under voluntary administration.

KordaMentha Restructuring’s Scott Langdon, John Mouawad and Rahul Goyal took over as managers of Sydney-based cryptocurrency firms FTX Australia Pty Ltd and subsidiary FTX Express Pty Ltd on Friday after a board meeting earlier today decided to put the companies into voluntary governance. place.

Sam Blankman-Fried’s crypto empire, previously valued at $32 billion (A$48 billion), collapsed this week after market leader Binance withdrew a takeover bid after executing thee zeal for the company, saying, “Our hope was to be able to support FTX’s customers in providing liquidity, but the issues are beyond our control or ability to help.”

FTX stopped withdrawing crypto and fiat from its exchange this week as clients tried to earn their money back after a Coindesk Analysis that suggested Bankman-Fried affiliated trading platform Alameda Research has gone out of business. The problem is that the value in both companies depended on the other.

The 30-year-old FTX CEO — one critic called him Sam Bankrun-Fraud — has been accused of running a Ponzi scheme where he used investor money in FTX to support his other company, Alameda Research, with the most value in both companies was based on the FTX’s own cryptocurrency, FFX.

The Coindesk story led to a massive liquidation of FTT, creating a liquidity crisis for FTX.

The Wall Street Journal reports that FTX has loaned billions of dollars in customer assets to Alameda Research, which reportedly owes FTX about $10 billion.

As a result, FTX is believed to have a capital shortfall of up to US$8 billion.

The Information has since revealed a complex relationship between Bankman-Fried and his venture capital investors, with the crypto boss turning around and pouring an estimated US$500 million into the VCs, including Sequoia Capital, as a limited partner.

The downfall started with the collapse in the wake of the TerraLuna stablecoin crash in May, which led to the demise of Three Arrows Capital and Bankman-Fried’s intervention of US$1 billion in loans and equity to rescue B.lockFi and Voyager Digital.

US regulators are now circling Bankman-Fried’s smoldering empire, alongside further legal action.

Bankman-Fried took to Twitter to apologize, saying he “blew it and should have done better”.

In a 22-post thread, he said the issues are related to FTX’s international arm and that US business is fine.

“FTX US, the US-based exchange that accepts Americans, was not financially affected by this shit show,” he wrote.

He also said that Alameda will stop trading on FTX.

In Australia, KordaMentha said they are now examining the crypto exchange’s books to see if there are enough assets to repay local customers and that they have been in touch with the company’s regulator, the Australian Securities and Investments Commission.

Bankman-Fried is one of the three directors of FTX Australia. The local arm had five employees.

Administrator Scott Langdon said all customers of FTX Express and FTX Australia are requested not to deposit or transact until further notice.

“We are working with the directors to confirm the status quo and will report to all stakeholders,” he said.

“We appreciate the uncertainty this creates for FTX customers and will report to all customers urgently.”

Meanwhile, in the Bahamas, where FTX is registered, the Securities Commission there has frozen FTX Digital Markets’ assets and is now looking for a liquidator.

Australia does not yet have custody rules for digital assets that would require local traders to keep the assets on land.

Shreya has been with australiabusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider australiabusinessblog.com, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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