CoinFLEX Files For Company’s Restructuring

Reading Time: < 1 minute

Crypto derivatives platform CoinFLEX has filed a restructuring application with the Seychelles Court, Bloomberg has reported.

The company’s customers have been informed about the process via email. CoinFLEX intends to raise $84 million to repay the debt, as well as seek approval from depositors and the court for the proposal to issue Recovery Value USD (rvUSD) tokens, shares and locked FLEX coins.

The platform’s CEO Mark Lamb has said:

“We look forward to welcoming a new group of shareholders to CoinFLEX and are pleased to be in a jurisdiction where we can quickly resolve this situation.”

CoinFLEX suspended last June user withdrawals due to “extreme market conditions” and “counterparty uncertainty.” To solve the problems that have arisen, the company announced the launch of the rvUSD token.

Lamb has later revealed the counterparty in question is Bitcoin.com founder Roger Ver, who owes $47 million to CoinFLEX.