Coinflex says restructuring plan is approved by Seychelles court
Courts in the Seychelles, where crypto exchange Coinflex is based, approved its restructuring plans on Monday, according to a statement from the company. The court may publish the written order within the week, Coinflex said. Until 24 hours after the written order is published, trading locked assets such as LUSD and LETH will remain halted.
The digital currency exchange first suspended withdrawals last June, citing “extreme market conditions and continued uncertainty involving a counterparty.”. By September, the company had unveiled a restructuring plan to turn over more than 65% of its equity to creditors and vest 15% to employees. While investors in it Series A will be wiped out, Series B investors will remain shareholders. Hedge fund Three Arrows Capital filed for bankruptcy at the start of July and crypto lender Celsius followed a couple of weeks later.
Source
@CryptoWorldAnalysis
