The local token FLEX price rose more than 20% after the Seychelles court approved the restructuring plan of the struggling cryptocurrency exchange CoinFLEX.
In a blog post shared by CoinFLEX on March 7, it was stated that the restructuring plans were approved by the Seychelles court. According to the approved restructuring plan, the company 65%to creditors and 15%will be given to the employees.
After suspending withdrawals due to liquidity crunch in June, CoinFLEX applied for restructuring to the Seychelles court, where the company is headquartered, last August.
On the other hand, bankrupt of Three Arrows Capital (3AC) founders Water Zhu And Kyle Davies The new cryptocurrency exchange launched by the co-founders of CoinFLEX Open Exchangewill purchase all CoinFLEX assets, including its current employees, technology and tokens. FLEX on Open Exchange local token will take over the task and will be used in critical points such as transaction fees. Income from these fees 20%will be spent on repurchasing or burning FLEX.
CoinGecko According to data, FLEX, which has risen in the light of these developments, has been on the rise in the last 24 hours. 21%if in the past week 32% showed an upward performance. At the time of writing the FLEX news from $1.99 is being traded.