{"id":75213,"date":"2023-03-08T15:47:52","date_gmt":"2023-03-08T13:47:52","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=75213"},"modified":"2025-09-10T10:22:57","modified_gmt":"2025-09-10T07:22:57","slug":"seychelles-court-approves-coinflex-restructuring-plan","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/seychelles-court-approves-coinflex-restructuring-plan\/","title":{"rendered":"Seychelles court approves CoinFLEX restructuring plan"},"content":{"rendered":"<p>The Seychelles court has approved CoinFLEX&#8217;s restructuring plan.<\/p>\n<p>\\n\\n<\/p>\n<blockquote class=\\\"twitter-tweet\\\"><p>\\n<\/p>\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">We are pleased to announce the successful approval of CoinFLEX\u2019s restructuring by the Seychelles Courts. <\/p>\n<p>\\n<\/p>\n<p>Please read our full announcement here (<a href=\\\"https:\/\/t.co\/VWHEYWwLey\\\">https:\/\/t.co\/VWHEYWwLey<\/a>) and stay tuned for more information coming later this week.<\/p>\n<p>\\n<\/p>\n<p>\u2014 CoinFLEX (@CoinFLEXdotcom) <a href=\\\"https:\/\/twitter.com\/CoinFLEXdotcom\/status\/1633076514626338817?ref_src=twsrc%5Etfw\\\">March 7, 2023<\/a><\/p>\n<\/blockquote>\n<p>\\n<\/p>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>\\n\\n<\/p>\n<p>The company said in a statement that trading of blocked assets, including LUSD and LETH, will be suspended until an official court order is issued.<\/p>\n<p>\\n\\n<\/p>\n<p>Following the news, the platform&#8217;s native token FLEX rose 17% to $1.91, according to <a href=\\\"https:\/\/www.coingecko.com\/en\/coins\/flex-coin\\\" title=\\\"\\\">CoinGecko<\/a>. Since the start of the year the asset has shown positive momentum, climbing from a low of $0.04 to current levels.<\/p>\n<p>\\n\\n<\/p>\n<p>On June 24, 2022, CoinFLEX <a href=\"https:\/\/forklog.com\/en\/news\/coinflex-suspends-withdrawals-and-trading-of-its-own-token\">suspended user withdrawals<\/a> due to \u201cextreme market conditions\u201d and \u201cuncertainty regarding the counterparty\u201d. To address the issues, the company <a href=\"https:\/\/forklog.com\/en\/news\/coinflex-to-launch-47-million-token-sale-to-resume-customer-withdrawals\">announced<\/a> the launch of the Recovery Value USD (rvUSD) token.<\/p>\n<p>\\n\\n<\/p>\n<p>In July the platform <a href=\"https:\/\/forklog.com\/en\/news\/coinflex-to-resume-withdrawals-in-restricted-mode\">announced<\/a> the resumption of withdrawals in restricted mode and <a href=\"https:\/\/forklog.com\/en\/news\/coinflex-announces-staff-cuts-to-optimise-costs\">announced a staff reduction<\/a> to optimize costs.<\/p>\n<p>\\n\\n<\/p>\n<p>In August the company <a href=\"https:\/\/forklog.com\/en\/news\/coinflex-seeks-restructuring-in-seychelles-court\">filed for restructuring<\/a> with the court. According to the document, the exchange intends to raise $84 million to repay debt.<\/p>\n<p>\\n\\n<\/p>\n<p>CoinFLEX chief Mark Lamb clarified that the mentioned \u201ccounterparty\u201d is Bitcoin.com founder Roger Ver, who owed the platform $47 million. He was sent a <a href=\"https:\/\/forklog.com\/en\/news\/coinflex-serves-roger-ver-with-a-notice-of-default\">notice of default<\/a>, and later the exchange <a href=\"https:\/\/forklog.com\/en\/news\/coinflex-plans-to-recover-84-million-from-roger-ver\">turned to<\/a> the Hong Kong International Arbitration Centre to recover the funds.<\/p>\n<p>\\n\\n<\/p>\n<p>In September, the company&#8217;s creditors <a href=\"https:\/\/forklog.com\/en\/news\/coinflex-creditors-back-platforms-restructuring-plan-ahead-of-schedule\">backed the restructuring early<\/a>. The plan <a href=\"https:\/\/forklog.com\/en\/news\/coinflex-unveils-restructuring-proposal\">envisions<\/a> that debtors will receive 65% of the company&#8217;s shares.<\/p>\n<p>\\n\\n<\/p>\n<p>Back in February 2023, CoinFLEX <a href=\"https:\/\/forklog.com\/en\/news\/coinflex-says-blockchain-com-owes-4-5m-in-flex-tokens\">demanded<\/a> that Blockchain.com return $4.5 million, allegedly borrowed in FLEX tokens in 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CoinFLEX&#8217;s restructuring plan has been approved by a Seychelles court.<\/p>\n","protected":false},"author":1,"featured_media":75214,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[2318],"class_list":["post-75213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-coinflex"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75213","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=75213"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75213\/revisions"}],"predecessor-version":[{"id":75215,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75213\/revisions\/75215"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/75214"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=75213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=75213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=75213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}