Crypto exchange CoinFLEX files for restructuring after halting withdrawals in June

Crypto futures exchange CoinFLEX has filed for restructuring in Seychelles as part of its programs to make improvements to its monetary scenario.

Having utilized to the Seychelles Supreme Court docket for reorganization and restructuring, CoinFLEX will now look for acceptance from lenders for its restructuring strategies.

On Tuesday, CoinFLEX despatched an email despatched to its creditors stating that the exchange is seeking to apply the proposals outlined past thirty day period, which involve issuing depositors with recovery tokens, equity and locked FLEX coins.

CoinFLEX suspended withdrawals in June amid turmoil in the crypto markets, when an individual’s account went into adverse equity.

The business claimed it was was trying to find to recuperate $84 million from a “large personal customer”, identified by CoinFLEX CEO Mark Lamb as prominent trader Roger Ver, a claim which Ver denied.

CoinFLEX subsequently laid off a “significant number” of its staff members in a price-cutting and restructuring effort and hard work. Remaining workers would be largely concentrated on item and technological know-how, CoinFLEX claimed.