The troubled crypto exchange, CoinFLEX, has filed for restructuring in a Seychelles court to resolve a shortfall caused by a counterparty failing to make a margin call. The company sent an email to customers informing them of its restructuring process.
It will seek depositor and court approval for a proposal to compensate depositors by issuing rvUSD tokens, equity, and locked FLEX Coin.
“We look forward to welcoming a new group of shareholders to CoinFLEX and are glad to be in a jurisdiction where we can quickly resolve this situation and return maximum value to depositors,” CoinFLEX CEO Mark Lamb told Bloomberg.
Also Read: CoinFLEX Fires Significant Staff to Cut Down Operating Cost
