Blockchain Global (BGL), the parent company of the now-defunct Australian crypto exchange ACX, has collapsed with outstanding debts of $15 meg.

On Sept. 13, the Victoria Supreme Courtroom placed a freeze club on 117.33 Bitcoin (BTC) —worth around $7.1 million — held by the two companies backside the exchange, BGL and ACX Tech. Three days afterwards, the companies were ordered to disclose the full telescopic of assets held locally and abroad but failed to meet the Sept. 30 deadline.

The Australian Financial Review reported that BGL has since entered voluntary administration, with a figure of $15 meg (AUD $21 million) owed to creditors. BGL'due south CEO Sam Lee said that he stepped down as a director in March 2022, but still retains ownership of the brand.

Lee downplayed his current role at BGL, noting that:

"[I] was reappointed on April 12, 2022 to bargain with matters after the visitor cease[d] to take whatever operations, as there is no operations, there were no key business decisions made, debt introduced during my absence wasn't able to be negotiated."

Speaking on the house's voluntary assistants, Lee again distanced himself from BGL and said that the conclusion from the existing directors is "in the best interest of creditors and shareholders."

"I abstained from all decision-making later on my date every bit I didn't have enough visibility to brand informed decisions," he said.

Melbourne-based ACX suddenly close downward operations and froze user accounts in early on 2022, leading to around 200 investors claiming losses of a combined $7.iv million (AUD $10 million). The platform was promptly thrown out of Blockchain Australia and its digital currency license was revoked by AUSTRAC.

While ACX investors had renewed hope of recouping their funds following the freeze order on the hard wallet, the collapse of BGL has left things much more uncertain.

"Information technology's gotten so confused we are left wondering what the hell is going on," an bearding investor said.

The administrators' written report on BGL says that it holds $7.77 million (AUD $10.v million) worth of assets, and is owed $598,907 (AUD $809,669) in unsecured debt, with but $259,620 (AUD $350,983) thought to be recoverable.