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Australian cryptocurrency exchange Digital Surge appears to have narrowly avoided collapse, despite millions of dollars in digital assets tied up in the now bankrupt crypto exchange FTX.

On January 24 local time, Digital Surge’s creditors approved a five-year bailout, which ultimately aims to repay its 22,545 customers whose digital assets have been frozen on the platform since November 16, while allowing to the exchange to continue to operate.

The rescue plan was first presented to clients by exchange managers via email on Dec. 8, the same day the company fell into administration.

Pursuant to the “Company’s Deed of Arrangement”, the Australian crypto exchange will receive a loan of $884,543 (AUD$1.25 million) from an associated company, Digico, allowing the exchange to continue to negotiate and operate.

In a statement, KordaMentha directors said creditors would be paid over the next five years out of the exchange’s quarterly net profits.

“Customers will be reimbursed in cryptocurrency and fiat currency, depending on the asset mix of their individual claims,” ​​KordaMentha said, according to to a January 24 report from Business News Australia.

Crypto contacted Digital Surge, which confirmed that at the second creditors’ meeting on January 24, a resolution was passed in favor of the bailout.

“We expect further communications to be provided to all customers as the administration process with KordaMentha progresses,” he added.

The Brisbane-based crypto exchange had been operating since 2017 but became one of the victims of FTX’s collapse in November, freezing of withdrawals and deposits just days after FTX filed for bankruptcy and FTX Australia went into administration.

At the time, Digital Surge explained that they had “some limited exposure to FTX” and would notify customers in two weeks – although this was later revealed to be around $23.4 million, according to the admin of Digital Surge, KordaMentha.

Related: “There will be a lot more zeros” – Kevin O’Leary on FTX-like meltdowns to come

The exchange was one of the few crypto firms to form a solid plan to restart trading and avoid liquidation despite having significant exposure to FTX.

Since November, several crypto companies, including crypto lenders BlockFi and Genesis, have filed for Chapter 11 bankruptcy due to their exposure to FTX fallout and market turmoil.