CoinFLEX restructuring plan approved: FLEX price explodes

The price of FLEX (FLEX/USD), the native token of cryptocurrency exchange CoinFLEX, has soared to a daily high of $2.06. The sudden surge came against the backdrop of CoinFLEX getting approval for a restructuring plan it filed in August last year.

The exchange suspended withdrawals in June last year citing a liquidity crunch.

The approval was given by courts in the Seychelles, where the crypto exchange is based.

In a press statement, the exchange said:

Trading locked assets remains closed

According to the firm’s release, trading in locked assets like LETH and LUSD on the exchange will remain closed until the exchange publishes the written court order.

In the restructuring plan, the crypto exchange had proposed that creditors will own 65% of the exchange. It also proposed that Series A investors will lose their equity stakes.