The price of FLEX (FLEX/USD), the native token of cryptocurrency exchange CoinFLEX, has soared to a daily high of $2.06. The sudden surge came against the backdrop of CoinFLEX getting approval for a restructuring plan it filed in August last year.
The exchange suspended withdrawals in June last year citing a liquidity crunch.
The approval was given by courts in the Seychelles, where the crypto exchange is based.
In a press statement, the exchange said:
“We are pleased to confirm that on Monday, March 6th, 2023, CoinFLEX’s restructuring was approved by the Seychelles courts. We expect the courts to publish the written order during the course of this week. We shall post a copy of this order as soon as it is published. Trading of Locked Assets (LUSD, LETH, etc) has been halted. We are looking to implement the restructuring quickly and will not restart Locked Assets trading until 24hrs after the publication of the court order to allow all locked asset holders to be sufficiently informed.”
Trading locked assets remains locked
According to the firm’s release, trading in locked assets like LETH and LUSD on the exchange will remain closed until the exchange publishes the written court order.
In the restructuring plan, the crypto exchange had proposed that creditors will own 65% of the exchange. It also proposed that Series A investors will lose their equity stakes.
Source: https://invezz.com/news/2023/03/07/coinflex-restructuring-plan-approved-flex-price-explodes/