Aussies face crypto contagion as Digital Surge backflips on customers

Jessica Sier and Tom Richardson

Nov 23, 2022 – 10.57am

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Contagion from the dramatic collapse of FTX.com last week has arrived on Australian shores as hundreds of local investors face the potential loss of savings and super accounts that are now frozen in the hands of exposed Brisbane-based crypto exchange Digital Surge.

While Digital Surge reaches out to US-based administrators to see whether it can claim an undisclosed amount of customer money back, fellow Brisbane-based exchange Swyftx is vehemently denying the FTX collapse has prompted its hunt for fresh capital.

Jessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics.

Tom Richardson was a journalist at The Australian Financial Review