Digital Surge, an Australian crypto trading platform, has been given the green light to bail out creditors over five years

On January 25th, creditors of Australian crypto trading platform Digital Surge approved a five-year rescue plan to eventually compensate 22,545 customers who have had their digital assets frozen on the platform since November 16th, BlockBeats reported. And allow the trading platform to continue to operate. The rescue plan was first proposed by the trading platform's directors in an email to clients on 8 December, the same day the company went into administration. Australian cryptocurrency trading platform Digital Surge will receive a US $884,543 (A $1.25 million) loan from affiliate Digico under a "corporate agreement" that will allow the platform to continue trading and operating. Over the next five years, the trading platform will withdraw funds from its quarterly net profit to repay creditors. BlockBeats previously reported that Digital Surge, an Australian cryptocurrency trading platform founded in 2017, entered bankruptcy proceedings in December, leaving its 30,000 Australian customers unable to trade or withdraw money. KordaMentha Restructuring has been appointed administrator and is working on a rescue plan. Digital Surge has long used the FTX platform for some of its trading.