TrigonX has come back from the dead after collapsing in December 2022, after “missing” a $13 million investment in the previously bankrupt crypto exchange FTX.
According to The Australian report on May 29, citing the announcement of the company’s director Matteo Salerno, TrigonX is starting the revival process after the company deed of agreement was approved by creditors.
As such, TrigonX will become the first crypto company to be revived after the collapse of FTX.
Founded in 2014 and one of many exchanges affected by the sudden collapse of FTX, the exchange appointed new administrators on December 16, 2022 after being unable to meet demand. customer withdrawal.
Then, according to Mr. Salerno, returning “better, more secure and faster dividends” to creditors would be a better scenario than liquidation.
“Liquidation will potentially tie funds held under the manager’s control for many years. This will lead to a significant depletion of funds available for distribution to the benefit of creditors.”
As reported by law firm Kroll, Trigon’s failure was caused by a number of factors, including the collapse of FTX and legal action against the client’s firm to return funds.
Reportedly, Kroll had previously investigated a number of large transactions prior to the FTX crash, including those of Salerno himself and his wife. However, Salerno said that the payments queried in the Kroll report were made in the “context of updating employee benefits” as the company is pending sale.
Regarding TrigonX’s post-bankruptcy scandal, it is reported that Sydney-based investor King River Capital is also one of the exchange’s creditors and is trying to recover $9 million from TrigonX. .