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CoinFLEX Announces Restructuring Proposal, Allocating 65% Shares to Creditors

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CoinFLEX on Wednesday announced a restructuring proposal and the next immediate steps the crypto exchange will take. The company released a term sheet in which it said that creditors will own 65% of the CoinFLEX.

While, the company's team will be allocated 15% of the remaining shares, to vest over time in an employee share option program (ESOP).

CoinFLEX added that Series B investors will also stay as shareholders in the restructured company. In a letter to CoinFLEX community, it reads: «As with any reorganization, unfortunately, most shareholders get wiped out.

This situation is no different; with all existing Ordinary and Series A shareholders of the Company losing their equity stakes, including us.» The Seychelles-based crypto exchange said that the proposal also includes a deal with the BCH alliance.

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