TrigonX Rises from FTX Collapse: A Crypto Exchange Resurgence
- TrigonX, an Australian cryptocurrency exchange, is making a comeback after going bankrupt due to its exposure to the collapsed crypto exchange FTX.
- A plan approved by creditors allows TrigonX to relaunch, offering a better outcome for creditors compared to liquidation, which would have tied up funds for a long time.
- The revival of TrigonX demonstrates resilience in the face of challenges in the crypto industry and highlights the potential for recovery and growth.
The exchange ran into problems because it had invested $13 million in the collapsed crypto exchange called FTX. But now, TrigonX is getting a second chance. The company director, Matteo Salerno, said that a plan has been approved by the people TrigonX owes money to. This plan will allow the exchange to start operating again. It's much better than shutting down completely because that would mean the money owed to people would be tied up for a long time and they might not get much of it back. The collapse of TrigonX was not just because of the FTX problem. It also had legal troubles with customers who wanted their money back. A report by a legal firm called Kroll looked into what happened. They found that TrigonX had made some big payments to Salerno and his wife before they went bankrupt. Salerno said these payments were to make sure the company's employees got what they were owed when the company was going to be sold. One of the people TrigonX owes money to is an investor called King River Capital. They are trying to get back $9 million that TrigonX used without permission to trade with FTX. Another Australian exchange called Digital Surge also had problems because of FTX but managed to avoid going bankrupt. Their creditors agreed to a plan that let them keep operating for the next five years. Now TrigonX is getting back on its feet, which is good news for the exchange and the people it owes money to. The approved plan means that the money owed can be paid back more quickly and fairly. It shows that even when things go wrong in the cryptocurrency world, there can still be hope for a recovery. TrigonX's story is a reminder that the crypto industry is full of challenges, but with determination, exchanges can bounce back and overcome adversity. Also read- Investors Accuse VIRAL Meme Coin of Scamming 131 ETHTrigonX, an Australian cryptocurrency exchange, is making a comeback after facing financial troubles and going bankrupt in December.
TrigonX's Recovery: A Cryptocurrency Comeback Story
