Did anyone get burnt? I remembered many threads giving out free $ for new sign ups.
Digital Surge Went down?
spedohero on 08/12/2022 - 20:49
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Seems to be yet another crypto-exchange that tried a me-too get-rich-quick-scheme and didn't work out following the collapse of FTX. Looks like administrators are looking into what can be done.
Yep, administrators have been called in. I signed up last year when their sign up $10 offer was on Ozbargain. I only dabbled in crypto for a few months and got out thankfully
are they allowing tokens to be moved out of the exchange? send seems to still be there even tho withdrawal and deposit is removed
Nope, all ability to withdraw or cashout is now locked. It's highly unlikely it will be re-enabled. I assume deposit is also locked, but who knows if they're still allowing people to deposit to help Digital Surges balance sheet and tell the unsuspecting victim 'Whoopsy… We're in Administration' when they open up a ticket to enquire.
The administrators they have appointed will aim to reimburse the worst affected first (In terms of money value) with what little money is available and with what can be liquidated to garner more funds to tie off loose ends.
Glad I only left $5 of their free eth in my account there.
Was burned pretty hard. Lesson learnt I guess :'(
are you in contact with the administrators KordaMentha? Might recoup some of your losses
I believe there is nothing direct that I can do beside from checking for updates.
How bad is bad?
Low 5 figures
The proposed rescue plan includes using company profits for the next 5 years to pay back customers. I doubt it will get anywhere near making customers whole. Sorry my man.
They had a lot of exposure to FTX and as a result got burned pretty bad. Digital Surge are now in Administration (KordaMentha appointed)
Initially DS said they had 'limited' exposure. That turned out to be a load of bullsh*t
Yeah I remember that, it was during the initial fallout of FTX turning to shit when exchanges were scrambling to assure customers that they and their funds are 'Safe'
No doubt a PR move by them to try and circumvent their down-fall and try to survive…. They tried, and failed.
Watched an interesting interview with a crypto expert (I mean seemingly a real one who has been involved in setting up a few exchanges in his career) and he was saying that the future of crypto was in on-chain expansion rather than the exchanges. He thought the exchanges would still exist but that most of the transaction would move to on-chain. No, I don't understand it either. :) Here's the link if anyone interested.
Damn it…should have withdrawn the free $10 from my 2 accounts….lol
Claim it as tax loss at least
with Swyft x laying 40% staff and Digital Surge going down..
Should i withdraw all my crypto from coinspot? planning to hodl but if all the exchanges are gonna go down.. maybe i should just withdraw and spend it fro xmas?
Self custodial is the way to go
100% without a shred of doubt - At the very least send to Trust Wallet or Metamask; if you're planning to HODL for a while and have a considerable amount of funds in crypto then consider getting a Ledger (or equivalent)
I saw that too and moved all my crypto to Ledger
I was on the fence but for the sake of $130 I figured I'd rather be safe than sorry
/googles digital surge