Cryptocurrency derivatives exchange CoinFLEX is seeking to resolve its legal issues and has filed a restructuring application with the Seychelles court to finally get rid of debt.
CoinFLEX informed clients about the restructuring process via email. The company intends to raise $84 million to pay off its debt, and is also seeking approval from depositors and the court for a proposed plan to issue rvUSD tokens, shares, and a locked version of its own FLEX token.
“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 and return funds to contributors as much as possible,” said Mark Lamb, CEO of the platform.
Recall that the exchange suspended the withdrawal of funds from its platform at the end of June, citing extreme market conditions, and promised to return $84 million to users. The company later announced that it was cutting staff to optimize costs.
Earlier, Mark Lamb publicly accused Bitcoin.com founder Roger Ver of violating contractual obligations that led to the suspension of withdrawals.
Source: Bits
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