A Sydney based cryptocurrency investment fund has collapsed after what its managers described as a black swan market event, leaving investors facing losses of about $3 million and administrators recommending the company be wound up.
According to reporting on administrator documents, New Vista Fund Pty Ltd raised approximately $2.23 million from investors through the Edison CryptoSage Fund in early 2024 and the funds were traded on the OKX platform.
Investors anticipated receiving their money back by April 2025 but they were later informed that there were insufficient funds and asked to consent to an extension.
Investors were informed at the beginning of October 2025 that the fund’s trading account contained approximately 2.08 million USDT, a stablecoin linked to the US dollar that was then worth about $3.1 million.
This balance dropped to about 0.2 million USDT in a matter of days, administrators were appointed and the recovery process started.
The administrators, Daniel O’Brien and Danny Vrkic of DV Recovery Management were appointed on December 5, 2025.
In a report issued in January, they recommended creditors vote to place the company into liquidation at a meeting scheduled for January 20, 2026.
A financial services licence arrangement and a trustee were part of the structure used to invest investor funds.
According to the report, Edisons Global’s Australian financial services licence was suspended in October 2024 and TJYC Pty Ltd took over as trustee.
New Vista attributed the rapid losses to a market shock involving leveraged liquidations and regulatory related disruption, arguing the episode was an extreme outlier rather than a foreseeable trading loss.
In finance, black swan is commonly used to describe rare, high impact events that sit outside normal expectations.
ASIC is investigating New Vista and has issued a notice requiring the production of company records, amid concerns that trading activity may have included unauthorised derivatives exposure.
The situation sits alongside broader stress in the same corporate orbit. New Vista’s parent, Digital Capital Group, is linked to crypto exchange DAEX, which has entered liquidation after ceasing trading.
Liquidators have reported creditor claims of about $4.8 million against assets of roughly $30,800.
What happens next for New Vista will depend on the January 20 creditor vote and what the administrators can verify about trading activity, custody arrangements and any recoverable assets.
