​​CoinFLEX Lenders Supported Platform Business Restructuring P | Crypto_NFT

​​CoinFLEX Lenders Supported Platform Business Restructuring Plan Early

Lenders of the cryptocurrency derivatives platform CoinFLEX overwhelmingly supported the proposal to restructure the company's business ahead of schedule.

The survey, which runs on the Snapshot platform, will end on September 27th. However, just a few hours after the start of the process, tokens representing 99.96% of the creditors' assets were blocked in favor of the offer.

The CoinFLEX business restructuring plan assumes that 65% of the company's capital will be transferred to creditors, another 15% to the ESOP team, and Series B investors will remain shareholders.

As a reminder, on June 24, 2022, CoinFLEX suspended user withdrawals due to “extreme market conditions” and “counterparty uncertainty.”

Lamb later revealed that the counterparty in question is Bitcoin.com founder Roger Ver, who owes $47 million to CoinFLEX. Since Bitcoin Jesus failed to meet its obligations, the company sent him a notice of default.

The firm applied to the Hong Kong International Arbitration Center to recover the debt from Ver. The platform’s initial damage assessment was called incorrect because it did not take into account the Bitcoin.com founder’s “significant” debt in FLEX tokens.

In July, CoinFLEX announced the resumption of limited withdrawals and announced a reduction in staff.

In August, the platform filed a restructuring application with the Seychelles Court.