Coinflex Says Restructuring Plan is Approved

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Last Updated on March 8, 2023 by Bitfinsider

According to a business statement in the Seychelles, where crypto exchange Coinflex is located, the court authorized its reorganization plans on Monday.

The formal ruling could be published by the court within a week, according to Coinflex. Trading in locked assets such as LUSD and LETH will be suspended until 24 hours after the written order is released to “allow all locked asset users to be adequately notified.”

Withdrawals were first halted by the digital currency exchange in June, claiming “extreme market circumstances and ongoing confusion regarding a counterparty.”

By September, the business had announced a restructuring plan that would give bondholders more than 65% of its equity while vesting 15% to workers. While Series A investors will be cleared out, Series B investors will continue to be owners.

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