CoinFLEX’s restructuring plan approval propels FLEX token higher CoinFLEX’s restructuring plan approval propels FLEX token higher
CoinFLEX's FLEX token has outperformed other notable digital assets like Bitcoin and Ethereum in the last 24 hours, rising by more than 20%.
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Updated: Mar. 7, 2023 at 4:35 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Embattled crypto exchange CoinFLEX said it received approval for a restructuring plan from the Seychelles courts on March 6.
The exchange added that it was halting the trading of locked assets like LUSD and LETH until the Seychelles court published the court order.
CoinFLEX’s restructuring efforts
In August 2022, CoinFLEX filed for restructuring after it struggled to recover an $84 million debt from crypto investor Roger Ver. The debt plunged it into a liquidity crunch that culminated in the suspension of users’ withdrawals.
Since then, the exchange has made several efforts to make its customers whole. One of its plans included the issuance of a Recovery Value USD (rvUSD) token that would help its liquidity issues.
Besides that, the firm announced a significant change to its business model in October 2022. The firm issued most of its shares to customers and adopted a community-led model that gave users 65% equity in the company.
However, the company’s association with the founders of the defunct Three Arrows Capital (3AC), Su Zhu and Kyle Davies, has raised more questions about its operations.
FLEX value rises
CoinFLEX’s FLEX token has risen by more than 3500% in the last sixty days, according to CryptoSlate’s data.
The digital asset’s value has moved from around five cents to over $2 since it was revealed that it would be the utility token of the new bankruptcy claim exchange, OPNX — developed by CoinFLEX’s founders, Zhu, and Davies.
This means that FLEX has outperformed other notable digital assets like Bitcoin and Ethereum during the same period.
For context, FLEX has risen by more than 20% in the last 24 hours to $2.01 at the time of writing.
Meanwhile, despite the improved price performance, the FLEX token is currently only available on the struggling CoinFLEX exchange and two other decentralized exchanges, Uniswap and Tangoswap.
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Posted In: Exchanges
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
CoinFLEX
CoinFLEX is a cryptocurrency exchange for spot and margin trading that founded in 2019.
OPNX
OPNX (Open Exchange) is a new public marketplace for crypto claims trading and derivatives.
Three Arrows Capital
Three Arrows Capital (3AC), a Singapore-based crypto hedge fund, collapsed due to poor risk management, recklessness in dealing with business partners and a significant portion of greed.
Kyle Davies is an entrepreneur and businessman based in Singapore who co-founded Three Arrows Capital (3AC), a bankrupt cryptocurrency hedge fund.