News of the Seychelles court approving the CoinFLEX exchange petition to restructure propels FLEX past 15%. The native token of the embattled crypto exchange is sustaining the surge hours after the firm gave the update via its official blog.
Court GreenLights CoinFLEX’s Restructuring Plan
The statement conveyed via the March 7 post lauded the favorable ruling granted by the Seychelles court on Monday. The ruling greenlighted CoinFLEX’s restructuring plan.
The update expressed optimism that the Seychelles court would publish the directive this week. Its accomplishment would enable CoinFLEX to post the copy to keep the community updated.
Trading Locked Assets Suspended
The post revealed the crypto exchange suspended trading of all locked assets, including LUSD and LETH. The suspension would enable the firm to pursue quick restructuring. Also, the post assured the community that locked assets trading would only resume 24 hours after publishing the order.
The delay would grant the locked asset holders sufficient time for awareness. The post was noncommittal on the subsequent procedures until the written court order was received.
Approval Sets CoinFLEX Towards Quicker Recovery
CoinFlex sought approval of the restructuring plan in August 2022. The petition sought quicker restoration from the withdrawal suspension declared in the summer. The restructuring was inevitable to overcome the liquidity crunch that the FLEX native coin has battled since June 2022.
The restructuring proposed by CoinFlex submitted to the Seychelles court in September granted creditors 65% ownership in the company. Besides, all Series A investors would cede their equity stakes.
Securing the court’s approval is critical to expediting the firm’s restoration.
FLEXI Token Market Outlook
At press time 14:30 UTC, the FLEX token is exchanging hands at $1.89, 15% up in the past 24 hours, as illustrated by Coinmarketcap data.
The native token tested a low of $1.64 before rallying by 20% to test $2.06, leveraging the favorable ruling in support of the restructuring plan. Its price has eroded the gain to hover around $1.89.
A scrutiny of the daily trading volume estimates $308304, translating to a 305.5% increase in the last 24 hours. Its fully diluted capital shot up 15.8% to $189.89 million.
It is unlikely that the FLEXI token would regain December 2021 price level as it is currently trading at 76.07 below the $7.56 price. Nonetheless, CoinGecko data shows the token is trading 382498% above the all-time low of $0.00047299 realized in August 2020.
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