Troubled global cryptocurrency exchange FTX has appointed administrators to the two Australian entities associated with the group, which is facing imminent collapse after rival operator Binance scrapped its buyout deal.
FTX Australia and FTX Exchange on Friday appointed administrators from KordaMentha.
Crypto billionaire Sam Bankman-Fried is desperately trying to stave off bankruptcy for the group’s main US operating entity. Credit:Bloomberg
The news of the Australian entities calling in insolvency specialists to review its business comes as the group’s US-based founder Sam Bankman-Fried told FTX.com investors that without a cash injection, the company would need to file for bankruptcy, according to a report from Bloomberg.
According to KordaMentha, the directors of FTX Express and FTX Australia made the decision to appoint KordaMentha at a board meeting on November 11, 2022.
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Scott Langdon from KordaMentha advised that the firm was in control of both FTX Express and FTX Australia.
“We are working cooperatively with the directors to confirm the status quo and will report back to all
stakeholders. We appreciate the uncertainty this creates for customers of FTX and will report to all
customers as a matter of urgency.”
KordaMentha advised that all customers of FTX Express and FTX Australia are requested to not deposit funds or execute any trades until further notice.
More to come.
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