Embattled crypto change CoinFLEX stated it obtained approval for a restructuring plan from the Seychelles courts on March 6.
The change added that it was halting the buying and selling of locked belongings like LUSD and LETH till the Seychelles courtroom printed the courtroom order.
CoinFLEX’s restructuring efforts
In August 2022, CoinFLEX filed for restructuring after it struggled to recuperate an $84 million debt from crypto investor Roger Ver. The debt plunged it right into a liquidity crunch that culminated within the suspension of customers’ withdrawals.
Since then, the change has made a number of efforts to make its clients entire. One in all its plans included the issuance of a Restoration Worth USD (rvUSD) token that may assist its liquidity points.
Moreover that, the agency announced a major change to its enterprise mannequin in October 2022. The agency issued most of its shares to clients and adopted a community-led mannequin that gave customers 65% fairness within the firm.
Nonetheless, the corporate’s affiliation with the founders of the defunct Three Arrows Capital (3AC), Su Zhu and Kyle Davies, has raised extra questions on its operations.
FLEX worth rises
CoinFLEX’s FLEX token has risen by greater than 3500% within the final sixty days, based on CryptoSlate’s information.
The digital asset’s worth has moved from round 5 cents to over $2 because it was revealed that it might be the utility token of the brand new chapter declare change, OPNX — developed by CoinFLEX’s founders, Zhu, and Davies.
Which means that FLEX has outperformed different notable digital belongings like Bitcoin and Ethereum throughout the identical interval.
For context, FLEX has risen by greater than 20% within the final 24 hours to $2.01 on the time of writing.
In the meantime, regardless of the improved worth efficiency, the FLEX token is presently solely accessible on the struggling CoinFLEX change and two different decentralized exchanges, Uniswap and Tangoswap.
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