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Crypto Lender CoinFlex Introduces Restructuring Plan After June Crypto Market Crash
Summary: According to CoinDesk, crypto future exchange CoinFlex introduced a restructuring plan in Seychelles this summer as part of a plan to improve its financial situation after suspending withdrawals during the crypto market crash in June. As part of this plan, creditors will own 65% of the company, as well as receive recovery tokens, equity, and ...
According to CoinDesk, crypto future exchange CoinFlex introduced a restructuring plan in Seychelles this summer as part of a plan to improve its financial situation after suspending withdrawals during the crypto market crash in June.
As part of this plan, creditors will own 65% of the company, as well as receive recovery tokens, equity, and USDC. Meanwhile, Ordinary A shareholders will lose their equity stakes. Ordinary B shareholders will keep their shares and can gain future equity if they bring value to the company.
In addition, CoinFlex’s team will be allocated 15% of the company.
The reorganization plan is currently in the midst of an official vote, with voting set to end September 27 at 4 a.m. UTC.
So far, it has garnered about 96 million CoinFIEX vote tokens in favor for it, and 865,000 against.
Author: Katie Lin
Tags: Coinflex,Restructuring
Link: Crypto Lender CoinFlex Introduces Restructuring Plan After June Crypto Market Crash [Copy]
