Gold Coast Titans’ crypto sponsor TrigonX calls in voluntary administrators

Another Queensland crypto player has gone bust, dragged down by the turmoil engulfing the sector in the wake of the spectacular FTX collapse.

Dallin Watene-Zelezniak of the Warriors is tackled by Tino Fa`asuamaleaui (L), Beau Fermor and Phillip Sami of the Titans on September 3, 2022. TrigonX became a sponsor of the Titans for the 2022 season. Picture: Dave Rowland/Getty Images

Gold Coast Titans sponsor TrigonX has called in voluntary administrators, becoming the latest Queensland crypto trading firm to hit the wall following the collapse of global giant FTX.

William Robson and William Cotter from Robson Cotter were appointed administrators of Trigon Trading on December 16.

The company headquartered at Varsity Lakes, operated a 24/7 digital currency exchange and was co-founded in 2014 by Matteo Salerno.

TrigonX was announced as a sponsor of the Gold Coast Titans in November last year, with the football club saying it would become an executive partner for the 2022 and 2023 season.

It was also appointed an official trading partner, covering FX trading, future and digital assets such as cryptocurrency.

At the time Titans chief executive Steve Mitchell said TrigonX “should be applauded for what they’ve been able to already achieve in their industry.”

“From their home here on the Gold Coast they have become a global company and we’re thrilled that they’ve chosen to partner with our club as we also look to grow our brand on a national stage,” said Mr Mitchell.

Mr Mitchell said TrigonX had facilitated billions of dollars in digital asset transactions and were renowned “for being one of the most secure trading platforms in Australia.”

Mr Salerno said last November that he was extremely excited about the partnership with the Titans. “It’s an honour for TrigonX to be the first cryptocurrency trade desk to be associated with a team in the NRL, and certainly speaks volumes of the innovation and vision of the Titans,” Mr Salerno said.

“Our aim is to create a better understanding of the crypto space for players and fans of the game and provide a secure and easy road to enter the crypto space.” Comment on the plight of TrigonX has been sought from the Titans, the administrators and Mr Salerno.

Trigon Trading co-founder Matteo Salerno. Picture Mike Batterham

The crypto sector has been pummelled this year with the biggest casualty the now-bankrupt FTX, once a $US32bn ($47.7bn) crypto exchange, founded by Sam Bankman-Fried.

Closer to home, KordaMentha were appointed as voluntary administrators of Brisbane-based Digital Surge earlier this month.

Digital Surge was established in 2017 and offered its 30,000 Australian customers access to more than 300 cryptocurrencies through its technology platform.

Deposits and withdrawals have been suspended and customers have been unable to trade digital assets on the platform.

FTX founder and CEO Samuel Bankman-Fried. Picture: Saul Loeb / AFP

Administrator Scott Langdon said at the time of his appointment that he was very pleased with the cooperative and collaborative approach taken by the directors to understand Digital Surge’s financial position and to secure fiat and digital assets.

He also advised Digital Surge customers their interests were the administrators’ highest priority.

“We fully appreciate the uncertainty the voluntary administration will create. We will proactively and regularly communicate with customers to ensure they are fully informed on the progress of the administration,” he said.

KordaMentha said the directors had commenced working with stakeholders to prepare a rescue package. The administrators anticipate this will be in the form of a deed of company arrangement (DOCA), which all creditors will have an opportunity to consider in due course.

Another Brisbane crypto exchange Swyftx was forced to lay off 35 per cent of its staff earlier this month. The company said 90 staff would go, with the company blaming the mass sackings directly on the FTX collapse.