CoinFLEX Plans For Restructuring After Recent Crypto Exchange Hacks | Crypto

CoinFLEX Plans For Restructuring After Recent Crypto Exchange Hacks

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– CoinFLEX is one of the crypto exchanges that suffered during the bearish trend and is currently paving for restructuring.
– The crypto winter in the years first half brought severe drought to several crypto assets. As a result, the entire crypto market lost several billions of dollars as the value of the assets kept dropping.
– CoinFLEX is giving its creditors 65% shares of the firm. Its team will receive 15%, an employee share option plan that will vest with time.
– There seems to be no hope for all CoinFLEX existing ordinary and Series A shareholders. They will possibly lose their equity stakes on the exchange.
– The company plans to retain the shareholding positions of its Series B investors. As a result, they will receive rewards with future equity of the firm.
– Having laid its plan, there will be a vote on the new proposal by next week. According to the value of CoinFLEXs CFV token, the restructuring plan will need the approval of about 75% of the creditors.
– If the proposal passes, CoinFLEX will seek approval for restructuring the Seychelles courts.
– CoinFLEX estimated six weeks for the entire process to move seamlessly.
– Due to the crypto winter in the first half of the year, CoinFLEX lost its footing. The exchange later halted withdrawals from its platform and noted the influence of continued uncertainty with a counterparty.
– Later, Mark Lamb, the co-founder of CoinFLEX, pointed out that a proponent of BCH, Roger Ver, was the counterparty.

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