Struggling crypto exchange CoinFLEX said it received approval for a restructuring plan from the Seychelles courts on March 6.
The exchange added that it was stopping trading in locked assets like LUSD and LETH until the court in Seychelles issues the court order.
CoinFLEX’s Restructuring Efforts
In August 2022, CoinFLEX filed for restructuring after struggling to collect $84 million in debt from crypto investor Roger Ver. The debt plunged it into a liquidity crunch that resulted in the suspension of user withdrawals.
Since then, the exchange has made several efforts to make its customers whole. One of his plans included issuing a Recovery Value USD (rvUSD) token which would solve his liquidity problems.
Additionally, the company announced a significant change to its business model in October 2022. The company issued most of its shares to customers and adopted a community-driven model that gave users 65% of the shares of the company.
However, the company’s association with the founders of defunct Three Arrows Capital (3AC), Su Zhu and Kyle Davies, has raised more questions about its operations.
FLEX value increases
CoinFLEX’s FLEX token is up over 3500% in the last sixty days, according to by CryptoSlate data.
The value of the digital asset has risen from around five cents to over $2 since it was revealed to be the utility token of the new bankruptcy claims exchange, OPNX, developed by the founders of CoinFLEX, Zhu and Davies.
This means that FLEX has outperformed other notable digital assets like Bitcoin and Ethereum over the same period.
For context, FLEX is up over 20% in the last 24 hours to $2.01 at the time of writing.
Meanwhile, despite improving price performance, the FLEX token is currently only available on the struggling CoinFLEX exchange and two other decentralized exchanges, Uniswap and Tangoswap.
