CoinFLEX to distribute consolidated assets to creditors under restructuring terms

Cryptocurrency exchange CoinFLEX has announced that it is close to the step of commencing the distribution of synthetic assets to creditors under the terms of the approved restructuring, and that all LUSD trading will be permanently suspended at around 12:00 UTC on April 1, 2023. CoinFLEX expects to pay out the rvUSD tranche early next week, and the equity offering is expected to begin later next week, subject to process delays. Additionally, CoinFLEX plans to distribute USDC/USDT next weekend. The distribution of equity will be subject to each creditor submitting additional KYC documents, including passports and proof of address, as required by CoinFLEX Seychelles lawyers in accordance with Seychelles laws and regulations. Creditors have up to 6 months to comply with these KYC requirements, otherwise, their equity could be forfeited by the company. Foresight News previously reported that in August 2022 CoinFLEX filed for restructuring in Seychelles to address a funding shortfall and seek depositor and court approval. In early March, the CoinFLEX restructuring application was approved by the Seychelles court. Afterwards, OPNX, a public market for encrypted claims trading and derivatives founded by Su Zhu and others, said in a statement that it would acquire all assets of CoinFLEX, including personnel, technology and tokens. FLEX will be their main token, and the possible rebranding will be : will be exchanged at a ratio of 1:1 (no lock).