Court Approves CoinFLEX’s Restructuring Plan
CoinFLEX, a cryptocurrency derivatives platform, has announced that the Seychelles Court has approved a restructuring plan.
As a result, trading in locked assets, such as LUSD and LETH, will be suspended until a court order is issued.
This news has caused the native token of the FLEX platform to rise by 17% to $1.91, according to CoinGecko. This is a major improvement since the token started the year at around $0.04.
Recall that CoinFLEX suspended withdrawals of user funds in June 2022, introducing the Recovery Value USD (rvUSD) token as a solution to the problems. In July, limited withdrawals were allowed and staff reductions were announced to reduce costs.
The company then submitted an application to the court to raise $84 million in order to pay off debt, which was owed by Roger Ver, founder of Bitcoin.com. In September, the plan was approved by the creditors, who will receive a 65% stake in the company.
