Cryptocurrency derivatives platform CoinFLEX has applied for restructuring to the Seychelles Court. He writes about Bloomberg.

The company informed customers about the process via email. In addition to raising $84 million to repay debt, CoinFLEX plans to seek approval from depositors and court for the issuance of Recovery Value USD (rvUSD) tokens, shares, and locked FLEX coins.

“We look forward to welcoming a new group of shareholders to CoinFLEX and are pleased to be in a jurisdiction where we can quickly resolve this situation,” said Mark Lamb, CEO of the platform.

On June 24, CoinFLEX suspended user withdrawals due to “extreme market conditions” and “counterparty uncertainty”. To solve the problems that have arisen, the company announced the launch of the rvUSD token.

Lamb later revealed that the counterparty in question was Roger Ver, the founder of Bitcoin.com, who owed $47 million to CoinFLEX. Because Bitcoin Jesus failed to meet its obligations, the company sent him a notice of default.

The firm applied to the Hong Kong International Arbitration Center to collect its debt from Vera. The platform’s initial damage assessment was incorrectly named because it did not take into account the Bitcoin.com founder’s “significant” debt in FLEX tokens.

Recall that in July CoinFLEX announced the resumption of withdrawals in a limited mode and a reduction in staff.

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