TrigonX prepares to re-emerge from the shadow of the FTX crash.
TrigonX, the Australian cryptocurrency exchange established in 2014, became the latest company to bounce back from the impact of the FTX collapse.
TrigonX is one of many digital asset exchanges affected by the unexpected fall of FTX in November. The sudden collapse led TrigonX to appoint administrators on December 16th, as the crypto exchange couldn't fulfill withdrawal demands.
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However, the tides are now changing for the beleaguered exchange. According to company director Matteo Salerno, TrigonX's revival is on the horizon following the creditor's approval of a deed of company arrangement. The Australian reported this news on May 29th.
With previous debts surpassing $50 million, the exchange is now set for a relaunch following its breakdown in December.
Salerno stressed that the company's objective was a revival that would offer creditors a "better, more certain, and expedient dividend."
A liquidation would have been likely to tie up funds held in the administrator’s control for many years. This would have resulted in the substantial depletion of funds available to be distributed for the benefit of creditors.
Salerno emphasized that the goal of the receivership was to “achieve a speedy and optimum outcome for creditors.”
It is believed that the downfall of Trigon was impacted by several factors, including the collapse of FTX and a subsequent lawsuit filed by customers for fund returns.
In a similar scenario, the Australian crypto exchange Digital Surge managed to narrowly avoid collapse despite having millions tied up in the FTX debacle. In January, Digital Surge creditors approved a five-year bailout plan, allowing the firm to continue operations.
As TrigonX prepares to re-emerge from the shadow of the FTX crash, its relaunch marks a turning point in the fallout of the FTX collapse. With Salerno promising a more efficient and secure future for creditors, it appears that the cryptocurrency exchange is charting a new course.
In other FTX-related news, FTX lawyers finally managed to serve two class-action lawsuits to the NBA superstar Shaquille O’Neal.