Tens of thousands of Australians affected by the latest cryptocurrency exchange crash may wait years to return their money, if not.
Nearly dolara 30 million of digital assets, which they thought were safely stored in crypto bags with the help of digital Rush from Brisbane, were stranded as a result of the bankruptcy of the global cryptocurrency exchange.
Digital boom had a deep marketing relationship with ftx and freezed accounts in November to avoid bankruptcy before entering voluntary administration in December.
The bid is still suspended with 62,000 user accounts, but there may be a bid because the bid is due on Monday.
The authority itself set a two-week deadline for issuing a report explaining the advantages and disadvantages of salvage, reforms in exchange for the cancellation and distribution of the remaining assets.
David Johnston of KordaMentha informed the creditors that the first meeting to vote on the future of digital growth would be held on January 24.
He said that the company did not appear to have any business problems until the end of 2022, when it was caught up in a FTX crash.
According to the authorities, the company had 6 64.6 million under asset management when it entered voluntary management last month, including 2 28.6 million on the ftx exchange – mostly in the largest and most popular cryptocurrencies bitcoin and Ethereum.
Under management, cryptocurrencies in digital books are considered assets of a company, rather than individual assets, which makes account owners uncertain.
However, Johnston said he filed a lawsuit on behalf of digital boom against major bankruptcy attorneys handling the FTTx proceedings in the United States with full money.
"There is no indication that digital money has been used or used for consumers," Johnston said in an online meeting on Thursday.
But he warned the creditors that it would take "months, but likely years" to reach all the results of the FTX measure.
At the same time, nomerika 29.7 million of digital assets were transferred to xerocap, which, according to him, was a popular Australian exchange for its use as a guard, and insurance was acquired from these assets.
The trustees also controlled vola 4.5 million in cash, but no digital assets were converted into cash.
Digital boom was founded in 2017 and offers access to more than 300 crypto currencies through its technology platform.
The trustees stated that the private company was owned by directors Daniel Ritter (38.8 percent) and Joshua Lehman (48.5 percent), as well as two other executives Joseph Knaperich (9.7 percent) and cote bluebooks Pty ltd (3 percent).
The upcoming borrowers ' meeting in Australia has been postponed for several months as experts are carefully considering the digital currency process-here and abroad.
The manager of kordamentha was also responsible for the collapse of Vtx Australia.
The regulators are always worried that Australians are mistaken for the idea that they have the same security when investing crypto as when buying online stock.
Digital boom did not have an Australian Financial license, and it was not required by law.