{"id":13504,"date":"2022-08-10T16:28:48","date_gmt":"2022-08-10T16:28:48","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/coinflex-has-filed-for-restructuring-in-seychelles\/"},"modified":"2022-08-10T16:28:48","modified_gmt":"2022-08-10T16:28:48","slug":"coinflex-has-filed-for-restructuring-in-seychelles","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/coinflex-has-filed-for-restructuring-in-seychelles\/","title":{"rendered":"CoinFLEX has filed for restructuring in Seychelles"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<p>CoinFLEX, a renowned crypto futures exchange, has filed for restructuring in a Seychelles court.<\/p>\n<p>This comes two months after the exchange temporarily halted withdrawals before allowing a limited withdrawal mid-last month.<\/p>\n<p>The recent move with filing for restructuring is part of the exchange\u2019s efforts to address a shortfall caused by a counterparty that failed to make a margin call.<\/p>\n<p>The exchange has however said that it intends to get approval from depositors and the court on a proposal to give recovery value USD (rvUSD) tokens, equity, and locked FLEX coins to depositors.<\/p>\n<p>Portraying optimism, the Chief Executive Officer of CoinFlex, Mark Lamb, said:<\/p>\n<p><em>\u201cWe look forward to welcoming a new group of shareholders to CoinFLEX and are glad to be in a jurisdiction where we can quickly resolve this situation and return maximum value to depositors.\u201d<\/em><\/p>\n<h2>Previous events<\/h2>\n<p>On June 23, CoinFLEX suspended withdrawals citing the harsh crypto market conditions and uncertainty involving a counterparty. The exchange then went ahead to suspend the trading of its native token, FLEX Coin (FLEX), Spot trading, and perpetual contract trading.<\/p>\n<p>On July 22, the exchange proposed a plan to compensate depositors amid its efforts to recover the over $84 million debt owed by a \u201clarge individual customer.\u201d<\/p>\n<p>Mid-July, <a href=\"https:\/\/coinjournal.net\/news\/coinflex-announces-resumption-of-withdrawals\/\">CoinFLEX partly reopened withdrawals<\/a> allowing customers to withdraw 10% of their assets for a week. It also went ahead to cut down its workforce in order to lower the cost of running its business.<\/p>\n<p>The crypto exchange has also outlined its focus on recovery plans that would enable it to regain insolvency. The firm said it was open to new acquisitions, and equity investors.<\/p>\n<\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/crypto-futures-exchange-coinflex-has-filed-for-restructuring-in-seychelles\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) CoinFLEX, a renowned crypto futures exchange, has filed for restructuring in a Seychelles court. This comes two months after the exchange temporarily halted withdrawals before allowing a limited withdrawal mid-last month. The recent move with filing for restructuring is part of the exchange\u2019s [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":13505,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13504"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=13504"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13504\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/13505"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=13504"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=13504"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=13504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}