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.
Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.