Digital Surge enters administration

The Australian crypto broker Digital Surge entered voluntary administration several weeks after suspending withdrawals in the wake of the FTX collapse. In their announcement, executives proposed a "proposed rescue plan" that will be voted upon by customers, and which would involve cash infusions from the company's directors.

Some of Digital Surge's customers reported having entrusted the company with hundreds of thousands of dollars from their superannuation funds (retirement pension). "I lost everything," said one customer who had put his entire superannuation of more than AU$150,000 (~US$102,000) into his Digital Surge account, where it is now frozen.