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Digital Surge bailout plan includes $1m from founders

Jessica Sier

Directors of Brisbane-based cryptocurrency exchange Digital Surge will tip $1 million of their own money into a repayment plan that aims to refund its 30,000 customers every dollar owed to them, bucking the trend of crypto exchanges going bankrupt through exposure to failed global player FTX.

Digital Surge froze customer withdrawals last month after global crypto exchange FTX collapsed, wiping the balances of all customers and businesses conducting trades on the platform that was built and operated by Sam Bankman-Fried and his Bahamas-based team.

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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. Connect with Jessica on Twitter. Email Jessica at jessica.sier@afr.com

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    Original URL: https://www.afr.com/technology/digital-surge-bailout-plan-includes-1m-from-founders-20221208-p5c4sv