CoinFLEX reveals its restructuring plan. The digital currency exchange will transfer 65% of its equity to creditors, dividing 15% among the group, and said Series B investors will also remain shareholders.
In August, CoinFLEX announced the restructuring efforts to customers via email, after it suspended withdrawals in June. The suspension came over what the exchange called “extreme market conditions” amid accusations that investor Roger Ver had defaulted on a $47 million loan agreement, allegations that Ver denied. In July, withdrawals on this exchange partially resumed.
A cryptocurrency exchange situated in the Seychelles named CoinFLEX released a formal restructuring proposal and the company’s impending next moves on September 21.
65% of the company will be owned by creditors, as described in a term sheet the company provided. 15% of the company’s remaining shares will be allotted to the CoinFLEX team, and they will vest over time under an employee stock option plan (ESOP). Investors in the Series B round will continue to hold shares of the reorganized business.
CoinFLEX said that the proposal also includes an agreement with the BCH alliance that would see the alliance assume responsibility of the SmartBCH Bridge. If approved, CoinFLEX said the takeover would mean that “BCH on the SmartBCH network will be 1:1 redeemable for BCH via the SmartBCH Alliance.”
An announcement on the exchange’s website provided a breakdown of the proposal’s conditions. Major parties, according to CoinFLEX, reached an agreement during the course of their deliberations. The idea will then be put to a community vote, which CoinFLEX claimed will take place on Snapshot.
The dollar value of the locked balances shall be determined at the price in effect at 10:00 a.m. UTC on September 22, 2022.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Foxy
Coincu News
Author
News
CoinFLEX Voting On Restructuring Proposal
CoinFLEX reveals its restructuring plan. The digital currency exchange will transfer 65% of its equity to creditors, dividing 15% among the group, and said Series B investors will also remain shareholders.
In August, CoinFLEX announced the restructuring efforts to customers via email, after it suspended withdrawals in June. The suspension came over what the exchange called “extreme market conditions” amid accusations that investor Roger Ver had defaulted on a $47 million loan agreement, allegations that Ver denied. In July, withdrawals on this exchange partially resumed.
A cryptocurrency exchange situated in the Seychelles named CoinFLEX released a formal restructuring proposal and the company’s impending next moves on September 21.
65% of the company will be owned by creditors, as described in a term sheet the company provided. 15% of the company’s remaining shares will be allotted to the CoinFLEX team, and they will vest over time under an employee stock option plan (ESOP). Investors in the Series B round will continue to hold shares of the reorganized business.
CoinFLEX said that the proposal also includes an agreement with the BCH alliance that would see the alliance assume responsibility of the SmartBCH Bridge. If approved, CoinFLEX said the takeover would mean that “BCH on the SmartBCH network will be 1:1 redeemable for BCH via the SmartBCH Alliance.”
An announcement on the exchange’s website provided a breakdown of the proposal’s conditions. Major parties, according to CoinFLEX, reached an agreement during the course of their deliberations. The idea will then be put to a community vote, which CoinFLEX claimed will take place on Snapshot.
The dollar value of the locked balances shall be determined at the price in effect at 10:00 a.m. UTC on September 22, 2022.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Foxy
Coincu News
Other Posts
Related Posts
Latest
Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!
Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!
Press Release
The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!
Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance
