FTX Australia Appointed Administrators To Replace Sam Bankman-Fried

After FTX CEO Sam Bankman-Fried skipped a board meeting, the Australian subsidiaries of the troubled global cryptocurrency exchange FTX, FTX Australia and FTX Exchange hired administrators, the Australian Financial Review reported on Friday.

One of FTX Australia‘s three directors is named Bankman-Fried. The KordaMentha administrators have started reviewing the crypto exchange’s books to determine whether there are sufficient assets to repay local customers after the local directors handed over control of the operations to them.

Licensed insolvency practitioners take over the management of a firm when it enters administration and objectively evaluate its financial status. The alternatives available to the administrators include restructuring, asset liquidation, distribution of funds, or value recovery on behalf of stakeholders.

FTX is facing an unprecedented crisis in the history of cryptocurrency exchanges, as it not only affects other institutions but also leads to a serious decline in the crypto market.

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