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FLEX Token Rises 21% After CoinFLEX Restructuring Plan Approved
The crypto exchange filed for restructuring in August 2022 after suspending withdrawals earlier that summer.
FLEX, the native token of the CoinFLEX exchange, jumped 21% Tuesday after the company received approval for a restructuring plan from courts in the Seychelles, where it is based.
CoinFLEX filed for restructuring last August after it suspended withdrawals amid a liquidity crunch in June.
STORY CONTINUES BELOW
The token was recently trading at $1.96.
The exchange in a statement said that trading in locked assets, including LUSD and LETH, will remain so until the Seychelles court publishes the written court order.
In the proposed restructuring first laid out in September, CoinFLEX said that creditors would own 65% of the company and that Series A investors would lose their equity stakes.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
