FLEX Token Rises 21% After CoinFLEX Restructuring Plan Approved

The crypto exchange filed for restructuring in August 2022 after suspending withdrawals earlier that summer.

AccessTimeIconMar 7, 2023 at 12:51 p.m. UTC
Updated Mar 8, 2024 at 4:50 p.m. UTC

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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.