FTX Australia & FTX Express - Case Update

Scott Langdon and John Mouawad of KordaMentha have provided an update on their administration of collapsed cryptocurrency exchange FTX Australia & FTX Express. The administrators are seeking certain directions from the Court with respect to the identification of the companies’ creditors, including a direction that only customers with a pending withdrawal request of AUD fiat prior to the appointment date are creditors of FTX Express, and that there are no Australian customers who are creditors of FTX Australia. A hearing was held on 13 October and the Court made orders granting leave to four customers to contradict the relief sought and to one customer to support the relief sought. The directions application is scheduled to be heard on 28 and 29 November.