CoinFLEX Restructuring Plan Authorized By Court, Exchange Finalizes OPNX Fundraiser With 3AC Co-Founders


Embattled digital asset exchange CoinFLEX received the green light for a restructuring plan filed with a Seychelles court where the company is domiciled. According to a statement from the firm, the court approved the restructuring plan on Monday, Mar. 6, 2023.

CoinFLEX said that the Seychelles court could issue a written order on the approval within the week. For now, a pause on trading for locked assets like LUSD and LETH will remain in place. The restriction on such assets will be removed 24 hours after the court publishes a written order.

Trading of Locked Assets (LUSD, LETH, etc) has been halted. We are looking to implement the restructuring quickly and will not restart Locked Assets trading until 24hrs after the publication of the court order to allow all locked asset holders to be sufficiently informed.

Monday’s court approval comes roughly seven months after the crypto exchange halted withdrawals in June. CoinFLEX said withdrawals were paused due to uncertainty with a counterpart and market conditions. The platform’s restructuring plan was later proposed a few weeks later in September.

CoinFLEX, 3AC Round Up Fundraiser For OPNX Crypto Exchange

CoinFLEX and defunct crypto hedge fund Three Arrows Capital (3AC) finalized fundraising for a new crypto exchange called OPNX, a source familiar with the matter said on Tuesday. The troubled crypto exchange along with 3AC co-founders Su Zhu and Kyle Davies sought $25 million in seed funding for their new venture despite failures with 3AC, EthereumWorldNews reported earlier.

The platform previously dubbed GTX was touted to tap a $20 billion crypto bankruptcy claims marker and onboard over $20 million users from collapsed CeFi players like 3AC, FTX, and Mt.GOx.

Also, OPNX will use the FLEX tokens to settle trading fees, similar to how BNB is leveraged on Binance and how FTT was deployed on FTX.

2/12 There are over 20 million users who lost $20 billion USD due to the latest bankruptcies of CeFi companies.

Bankruptcies take years to resolve, as we've seen with the MtGox 9-year process.

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