Cryptocurrency exchange CoinFLEX has filed for business restructuring in a Seychelles court, as the exchange is struggling to stay afloat due to a counterparty failing to pay $47 million.
As reported by Bloomberg, CoinFLEX is seeking an approval not only from the court, but also from depositors. Once the exchange gets a green light, it will issue to depositors rvUSD tokens, equity, and locked FLEX tokens.
CoinFLEX CEO, Mark Lamb, says the exchange wants with the move to resolve the situation quickly and return «maximum value to depositors.» He declined to provide a timeframe for the restructuring though.
CoinFLEX Reports $84M Deficit, Initiates Legal Actions
In June, CoinFLEX suspended the withdrawal of user funds due to «extreme market conditions» and «uncertainty of a counterparty.» Subsequently, CoinFLEX CEO, Mark Lamb, said in a tweet post that Bitcoin.com founder, Roger Ver, owes the exchange $47 million. Later, the exchange laid off 60% to maintain a «successful business.»