FTX Australia and FTX Exchange, the Australian entities of embattled global cryptocurrency exchange FTX, appointed administrators after FTX CEO Sam Bankman-Fried failed to attend a board meeting, the Australian Financial Review reported Friday.
Bankman-Fried is one of the three directors of FTX Australia. The local directors put the operations in the hands of administrators from KordaMentha, who have begun examining the crypto exchange’s books to see whether there are enough assets to pay back local customers.
The collapse of the FTX empire came after events triggered by a CoinDesk report on the firm’s relationship with its trading partner Alameda and the subsequent withdrawal of Binance from a mooted takeover.
Read More: Divisions in Sam Bankman-Fried’s Crypto Empire Blur on His Trading Titan Alameda’s Balance Sheet
