The iconic logo of the cryptocurrency platform TrigonX was recently featured on the jerseys of the Gold Coast Titans. The company had become an executive partner in 2021, but the jerseys will be taken away in 2022.
Nevertheless, administrators were appointed on the 16th of December when the company was unable to fulfill withdrawal requests.
“Client withdrawal demands followed the highly publicized corporate collapse of FTX Trading… a separate and unrelated entity,” said Brett Lord, managing director of Kroll Advisory, in an affidavit filed last week.
Kroll Advisory replaced Robson Cotter as administrators on the 28th of December. A second meeting for creditors should have been called before the 1st of February.
Nevertheless, an extension was given by the Federal Court until the 29th of March on Thursday.
“Why anyone invests in crypto is a mystery to me, but that’s another story,” said Judge Robert Bromwich.
TrigonX had $13 Million USD in an FTX Account, but the liquidators have not yet received account statements. This was among the reasons for the extension along with delays in accessing the records and platform of TrigonX.
The administrators requested that cryptocurrency and bank accounts be frozen. The only tangible assets that they have are laptops and printers.
Pacificka Consortium Pty Ltd, King River Digital Assets Opportunities, ADG Digital Pty Ltd, and other creditors have made claims for amounts exceeding $30.3 million, $26.8 million, and $16 million respectively.
The Tax office claims it is owed almost $4.7 million, and 11 other creditors have claimed more than $241,000. It is not known how much is owed to secured creditors Macquarie Bank.
King River placed orders to transfer funds and sell his holdings, but TrigonX informed him that the account only held around $10 million because the balance had been transferred to FTX. FTX has not authorized any trades.
ADG Digital asked for the withdrawal of their account but were told that it would be paid in $5 million installments. TrigonX informed them that the money had been routed through FTX, and then later returned to the company.
Matteo Salerno was the director of Pacificka until November 21. He was also TrigonX’s sole shareholder.
“It would be nice to know where (Mr. Salerno) is,” said Judge Bromwich on Thursday. Brett Lord stated that Salerno lived in a remote community in Western Australia with “a very hit and miss reception”, but the only place he was able to locate with the same name as his town was in Victoria.
“I am not aware of Mr. Salerno’s current whereabouts … Mr. Salerno is difficult to get in touch with,” said Lord. He further said that he was asked to make any requests through Salerno’s attorney.
Mr. Salerno emailed Kroll Advisory on Tuesday to raise concern about the delay since the second meeting. “be quick so as not to hurt the company any more than it already is.” said Lord in his affidavit.
