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Tag Archives: Australia

Crypto.com Customer Whose Partner Mistakenly Received $10.5M Has Been Granted Bail

Jatinder Singh, the 37-year-old partner of Thevamanogari Manivel, a Melbourne woman who mistakenly received $10.5 million instead of a $100 refund from digital asset exchange Crypto.com, has been granted bail by the Victorian County Court. Although Senior Constable Conor Healy argued that roughly $7 million had been recovered and Singh could flee with the outstanding balance, Judge Daniel Holding insisted on granting the bail. Court Grants Singh Bail Recall that an employee...

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Crypto Exchange Digital Surge Saves Itself from Liquidation

Digital Surge – a crypto exchange in Australia – is getting a big pat on the back today after avoiding liquidation and enforcing a last-minute plan to keep itself open. Stakeholders of the company signed a recovery plan in mid-February which allowed the company to remain online. The exchange endured a short period of non-trading, though services resumed just a week after the deal went through. Digital Surge Is Its Own Superman Things were coming up on the final seconds...

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Immutable Reduces Staff by 11% to Prolong its Cash Reserves (Report)

Major Australian gaming firm Immutable slashed 11% of the company’s headcount, stating that the job cut happened in order to ensure cash reserves last for a long time. This is the second time Immutable is reducing its workers after the firm axed the number of its employees in July 2022. Immutable Incurred Losses Worth $56 Million According to the Sydney Morning Herald on Wednesday (Feb. 22, 2023), Immutable co-founder and CEO James Ferguson announced the layoffs in a note...

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Phony Crypto Facebook Post Sends Australia Into an Uproar

Crypto traders in Australia got scared a few weeks ago when they saw a phony Facebook advertisement claiming they needed “social credit scores” of approximately 100 or more to do business with crypto exchanges and trade digital currencies. Australia Fooled By Fake Crypto Facebook Post The Facebook post read as follows: BREAKING: Australian citizens can only access bitcoin if they have enough social credits – report. According to a new law, Australian citizens need at...

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FTX Creditors List Include Apple, Google, Amazon, WSJ, and Even Australia’s Govt

A recent document filed with the United States Bankruptcy Court for the District of Delaware revealed that FTX’s creditors consist of over 9.7 million companies and individuals. Some of the most famous entities include the likes of Apple, Amazon, Google, Meta, Netflix, Microsoft, and more. Who Got Burned? One of the darkest moments in crypto’s recent history – the collapse of FTX – triggered massive financial losses for people and organizations. The lawyers of the bankrupt...

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Australia Hints Crypto Regulation Will Arrive in 2023

The government of Australia has hinted it’s going to be implementing cryptocurrency regulations in 2023. The announcement comes on the heels of the FTX collapse, which will likely go down as one of the biggest embarrassments of the crypto space. Australia Could Regulate Crypto Next Year Australian Treasurer Jim Chalmers has stated that regulators are eager to ensure crypto traders remain protected. Chalmers acknowledges that digital currency trading in Australia is...

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Aussie Crypto Platform Cancels $1 Billion Merger Plan After FTX Crash: Report

The Aussie cryptocurrency exchange – Swyftx – and the investment platform – Superhero – have reportedly abandoned the previously planned $1 billion merger deal. Some of the main reasons are the enhanced control over crypto firms in Australia and the diminishing interest in digital assets following the spectacular collapse of FTX. Swyftx Takes Another Punch As reported by The Australian Financial Review, Swyftx will sell Superhero back to its founders – John Winters and Wayne...

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Australia Will Not Treat Digital Assets Like Foreign Currency

Australia has made a specific taxation decision when it comes to crypto assets, and members of the industry and active traders are not happy about it. Australia May Have Made a Severe Choice Regarding Crypto Not long ago, Australia announced that for tax purposes, it would continue to treat digital currencies as physical assets rather than foreign currency. The government of Australia is now set to introduce full legislation cementing the decision. What does this mean?...

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BTC Miner Arkon Energy Secures a $28 Million Fundraiser to Boost Mining Capacity

Arkon Energy – an Australian-based bitcoin mining firm – raised $28 million and acquired Hydrokraft AS (a Norwegian energy-based data center). These will double down on the companyr’s green strategy and aim to increase its mining capacity. Distressed Cycles Could Produce Winners According to a recent document seen by CryptoPotato, the Hydrokraft AS purchase was part of Arkon Energy’s plan to expand its global reach. Both entities use renewable energy to mine bitcoin, ensuring...

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Aussie Regulator Terminates FTX Australia’s License

The Australian Securities & Investments Commission (ASIC) suspended the FTX Australia license until May 15, 2023, following the exchange’s recent fiasco. The crash has affected around 30,000 Aussie consumers who are exploring how to retrieve their funds. The Latest Strike on FTX Despite the termination of its license, FTX’s Australian subsidiary will be able to provide limited services to local customers until December 19, 2022. The ASIC reminded that the crypto exchange...

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