Australian cryptocurrency exchange Digital Surge collapsed into voluntary administration in early December 2022, effectively suspending accounts for its approximately 30,000 customers and halting all withdrawals and trading. The collapse, part of a wider industry crisis following the failure of major global exchange FTX, led to the appointment of administrators KordaMentha to seek a rescue package. Founded in 2017, the exchange had offered trading in over 300 cryptocurrencies but succumbed to the severe market downturn that saw Bitcoin lose over 60% of its value during the year.
