Crypto exchange CoinFLEX has seen overwhelming support from its community for its restructuring plan.
According to a snapshot of the voting for the CoinFLEX restructuring plan, as many as 75 million tokens have been committed to backing the idea against 469,000 tokens saying ‘No’.
The voting will continue until September 27.
According to the restructuring plan, creditors will own 65% of the company, while employees will be allocated 15% in the form of an employee share option plan that will vest over time. Creditors will get recovery tokens (rvUSD), equity, and USDC.
All Series A investors will be wiped out, however the Series B investors will continue to be shareholders and incentivised with future equity.
FLEX Coin will not be distributed so that it can be used for marketing and other purposes in the future, as the company believes that creditors “would have a better outcome” if FLEX is owned by the company as opposed to distributed out.
The SmartBCH Alliance will assume the responsibility of the SmartBCH Bridge and use its own BCH to exchange the sBCH Tokens held by the DeFi SmartBCH users on a 1:1 basis.
The proposal needed an approval of 75% of creditors by value of the CoinFLEX vote tokens to be passed. Currently it has an approval of 99.38%.
CoinFLEX went bankrupt in May following the downfall of the Terra ecosystem and its consequential market collapse. The company filed for restructuring in a Seychelles court in August.
