Share this article
FLEX Token Rises 21% After CoinFLEX Restructuring Plan Approved
The crypto exchange filed for restructuring in August 2022 after suspending withdrawals earlier that summer.
Updated Mar 8, 2024, 4:50 p.m. Published Mar 7, 2023, 12:51 p.m. 1 min read
FLEX, the native token of the CoinFLEX exchange, jumped 21% Tuesday after the company received approval for a restructuring plan from courts in the Seychelles, where it is based.
CoinFLEX filed for restructuring last August after it suspended withdrawals amid a liquidity crunch in June.
The token was recently trading at $1.96.
The exchange in a statement said that trading in locked assets, including LUSD and LETH, will remain so until the Seychelles court publishes the written court order.
In the proposed restructuring first laid out in September, CoinFLEX said that creditors would own 65% of the company and that Series A investors would lose their equity stakes.
More For You
The S&P 500 posted its longest weekly winning streak since 2023 and Brent oil stabilized near $92 on US-Iran ceasefire hopes. The biggest cryptocurrencies still drifted lower, with Hyperliquid's HYPE the only major name to rally.
What to know:
- U.S. stocks and oil rallied, with the S&P 500 logging a ninth straight weekly gain and Brent crude hovering near $92 a barrel on hopes for a U.S.-Iran ceasefire extension.
- Major cryptocurrencies lagged the macro rally, with bitcoin, ether and other large-cap tokens falling around 2% to 6% amid cooling...
Top Stories
