CoinFlex, a cryptocurrency investment platform, stated on March 7 that Seychelles courts had approved its restructuring plan.
The blog post further stated that the order should be published by the courts the same week. For 24 hours following the release of the court ruling on the reorganization, trading in locked assets has been suspended to give asset holders time to get the information out.
Creditors would obtain 65% of the company under the restructuring proposal, while the company’s staff would receive 15%. Investors in Series B would continue to hold shares, but investors in Series A would lose equity.
OPNX to acquire all of CoinFlex assets
The crypto investment platform lost $47 million and stopped accepting withdrawals in June after an account went negative without being liquidated. In an effort to cut costs, CoinFlex started enabling users to withdraw 10% of their holdings in July.
On March 7, reports on Twitter surfaced stating,
“OPNX will purchase all of CoinFlex’s assets, including its employees, technology, and tokens.”
The Open Exchange (OPNX) was founded by the co-founders of CoinFlex, Mark Lamb and Sudhu Arumugam, as well as Su Zhu and Kyle Davies of Three Arrows Capital. When its website went live on February 9, it proclaimed to be “the first public marketplace for crypto claims trading and derivatives” in the world.
On January 16, CoinFlex announced that it would change its name to the new exchange, adding that the largest class of shareholders will be the Company’s creditors/Series B, and also other advantages. The company and its equity worth will be increased for shareholders, including its creditors, with the help of any cash raised.