Affected by the downturn in the crypto market…Cryptocurrency exchange CoinFlex proposes a restructuring plan
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Answer Affected by the downturn in the crypto market…Cryptocurrency exchange CoinFlex proposes a restructuring plan
- Cryptocurrency exchange CoinFlex is looking for ways to get its business back on the right track.
- Cryptocurrency exchange CoinFlex’s case against Roger Ver is ongoing.
Beleaguered cryptocurrency exchange CoinFLEX has released a restructuring plan more than a month after entering the corridors of a court in Seychelles.
CoinFLEX was one of several companies that began restructuring in the wake of the cryptocurrency crash earlier this year.
According to the latest post on BlogCoinFLEX creditors will own 65% of the company, while all existing ordinary and funded Round A shareholders will lose their shares.Read:Coinbase E-Commerce announces support for the use of the digital currency “Dogecoin” as a payment method
15% will be allocated to the CoinFLEX team in the form of an option to the employees and will pass to them over time.
The company’s statement also stated:
Motivation is to help the team get back on track and grow the business.
On the other hand, Class B investors will continue to be shareholders in the reorganized business and will be incentivized by future equity.
The new proposal is due to be voted on next week and will need the approval of 75% of creditors, and this will be done via CoinFLEX’s CFV cryptocurrency.
If the proposal is passed, CoinFLEX will submit the terms and supporting documentation to the Seychelles courts for approval of the reorganization.
If it does not, stakeholders will have to amend the terms and then return to all creditors for a second round of voting for approval.
Should the reorganization plan receive the go-ahead from creditors, satisfy the judge, and reach the terms set, CoinFlex estimates that the process will take up to six weeks to complete.
How did the cryptocurrency exchange CoinFLEX fall?
At the end of June, CoinFLEX announced the suspension of withdrawals from its platform due to harsh market conditions and ongoing uncertainty involving third parties.Read:Bitcoin ETFs in Canada Affected by Market Turmoil and Falling Prices
The founder of the platform, “Mark Lamb” later determined that “Roger Ver”, was the party involved and responsible for the collapse of the platform and accused him of defaulting on a $47 million loan.
But Ver refused and instead criticized CoinFLEX, claiming that the investment platform owes him money.
The amount was later revised to $84 million, with CoinFLEX entering the Hong Kong court in its case against Roger Ver.
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