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**The downfall of Australian blockchain startup Lygon**

Australian blockchain startup Lygon, once touted as the future of banking and backed by prominent supporters from major financial institutions, has unfortunately gone bankrupt. The company’s debt now hovers at around $14.3 million, according to Aussie news platform news.com.au. This turn of events is particularly surprising given that Lygon entered liquidation just five years after its launch, as per a statutory report filed with the corporate regulator in late 2023. In addition to its headquarters in Sydney, Lygon also has subsidiaries in New Zealand and Singapore. Moreover, the company has been of significant interest to the banking community, having been established as a joint venture by ANZ, CBA, Westpac, IBM, and Scentre Group. The company’s primary goal was to revolutionize the digitization of bank guarantees through blockchain technology, aiming to streamline the process and ultimately save time and money by eliminating the cumbersome practice of couriering paper documents for bank guarantees.

**How AI legalese decoder can help with the situation**

AI legalese decoder can provide critical assistance in handling the legal aspects of Lygon’s bankruptcy. This advanced technology can help in deciphering complex legal jargon and documents related to the liquidation process, making it easier to understand the intricate details of the situation. Additionally, AI legalese decoder can aid individuals and stakeholders in navigating the legal complexities surrounding the sale of Lygon’s intellectual property (IP) to a consortium involving an investment fund and former senior executives. By providing clear and simplified explanations of the legal processes and implications, AI legalese decoder can empower individuals to make informed decisions regarding their investments and potential legal actions. Furthermore, in the context of blockchain technology and cryptocurrency industry collapses, AI legalese decoder can offer valuable insights into the legal ramifications and potential pathways for recovery, helping affected parties to better understand their rights and options. Overall, AI legalese decoder serves as a vital tool in demystifying the legal complexities of such intricate situations, empowering those involved to navigate the legal landscape with clarity and confidence.

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