CoinFLEX Restructuring Plan Approved by Supreme Court of Seychelles
Hey Peeps!
On March 6th, the Supreme Court of Seychelles approved the restructuring plan submitted by the Hong Kong-based crypto derivatives exchange and yield platform, CoinFLEX.
The following day, CoinFLEX announced, via their blog, confirmation that the exchange received the written order from the Seychelles Courts approving the restructuring plan.
The restructuring plan states that creditors will receive a 65% equity stake of the newly restructured company, and as a result Series A investors will lose their equity stakes in CoinFLEX.
The plan also seeks to issue recovery value tokens (rvUSD) and FLEX coins, which are the native tokens of CoinFLEX.
Here is a direct link to CoinFLEX’s approved restructuring plan:
https://cfv2-media.s3.ap-northeast-1.amazonaws.com/media/pdf/Final+Affidavit+with+the+Annexures+-+Creditor's+Meeting+.pdf
“This is a great achievement for creditors and we are working with our Seychelles counsel in terms of undertaking the practicalities to implement this plan as soon as possible and distribute the Composite of assets to creditors.”
- CoinFLEX
Back in June of 2022, CoinFLEX halted all withdrawals on their platform due to “extreme market conditions” and “continued uncertainty involving a counterparty”.
The counterparty mentioned was thought to be Three Arrows Capital, but was eventually revealed to be early Bitcoin investor, Roger Ver, who is also known as “Bitcoin Jesus”.
As of March 2023, CoinFLEX and Roger Ver are now in arbitration court to settle the outstanding $84 million loan, supposedly owed to CoinFLEX.
Last month, CoinFLEX also claimed that Blockchain.com owes them about $4.3 million worth of FLEX coins.
Despite the flurry of news on March 6th and 7th, there has been no other word from CoinFLEX regarding the future steps.
We can only hope that CoinFLEX will announce the next steps soon and it will lead to a positive outcome for the patient customers/victims.
What are your thoughts on this news?
Are you a customer/victim of CoinFLEX?
If so, how are you feeling after this restructuring plan was approved?
Are you happy with proposal of an equity stake in the new company?
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Hoping that Coinflex can get back on it's track, it's almost a year after their fall but this year I'm hoping for their recovery, this might give a big impact on market but worried also cause once all the assets are unfreeze, maybe there's a large dump will happen.