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Jack Gramenz

Crypto firm owes creditors more than $78m

TrigonX's administrators have told the Federal Court that creditors are owed more than $78 million. (Mark Evans/AAP PHOTOS) (AAP)

The global fallout from the collapse of cryptocurrency exchange FTX continues in Australia, with liquidators for a local outfit given more time to figure out the scale of its debts and its future.

The logo for cryptocurrency platform TrigonX adorned sleeves of the Gold Coast Titans away jersey in 2022 after the company became an executive partner in 2021.

However, administrators were appointed on December 16 after it was unable to meet withdrawal demands.

"The withdrawal demands from the customers followed the highly publicised corporate collapse of FTX Trading ... a separate and unrelated entity," Kroll Advisory managing director Brett Lord said in an affidavit filed this week.

Kroll Advisory replaced Robson Cotter as administrators on December 28, and would have had to convene a second meeting of creditors by February 1.

However, an extension was granted to March 29 in the Federal Court on Thursday.

"Why anyone invests in cryptocurrency is a mystery to me but that's another story," Justice Robert Bromwich said.

TrigonX held $US13 million in an FTX account, however liquidators are yet to receive account statements.

Another reason for the extension was delays in documents from the original appointed administrators and access to TrigonX's platform and records, Mr Lord said.

Administrators have requested bank and cryptocurrency accounts be frozen and the only physical assets are laptops and printers.

King River Digital Assets Opportunities claim debts exceeding $30.3 million, Pacificka Consortium Pty Ltd claims more than $26.8 million and ADG Digital Pty Ltd said it is owed more than $16 million.

The tax office claims it is owed almost $4.7 million, while 11 other creditors claim more than $241,000 between them, Mr Lord submitted.

It remains unclear how much is owed to secured creditor Macquarie Bank.

King River's TrigonX account showed about $US20 million when it placed orders to sell its holdings and transfer the funds, only to be told by TrigonX the account had about $US10 million, as the balance had been placed with FTX.

King River did not authorise any trading with FTX, Mr Lord said.

ADG Digital were told of "money laundering concerns" when it asked to withdraw its account and were advised the money would be paid in $5 million instalments.

The company was later informed by TrigonX the money was routed via FTX and "lost".

TrigonX founder Matteo Salerno was director of Pacificka until November 21, and the company was formerly the sole shareholder of TrigonX.

"It would be nice to know where (Mr Salerno) is," Justice Bromwich said on Thursday.

Mr Lord had been told Mr Salerno resided in a remote Western Australia town with "very hit and miss reception", however the only town he had been able to find of the same name was in Victoria.

"I am not aware of the current whereabouts of Mr Salerno ... it is difficult to get in contact with Mr Salerno," Mr Lord said, noting he had been asked to make any requests through Mr Salerno's lawyer.

Mr Salerno emailed Kroll Advisory on Tuesday to express his concerns about the since granted delay to the second meeting, asking any delay "be a quick one so as not to prejudice the company any further than it already is", Mr Lord said in his affidavit.

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