The plan, which wipes out Ordinary Series A shareholders, including the founders, was proposed by CEO Mark Lamb, and received 99% backing in a recent vote.
In a blogpost, CoinFLEX detailed how it has filed for restructuring in Seychelles, which will enable it to issue rvUSD tokens, equity, and locked FLEX tokens to depositors.
The cuts will reduce overheads by up to 60%, CoinFLEX says, further hinting at acquisition possibility even as its $84 million dispute with Roger Ver continues.
The process could take up to 12 months, but CoinFLEX says it’s confident that the HKIAC will rule its way and allow it to pursue Roger Ver’s worldwide assets.
Early ‘crypto’ backer Roger Ver has been fingered as the individual whose alleged financial shortcomings caused a recent halt in withdrawals at an exchange in which he is an investor.
Polychain Capital and Digital Currency Group (DCG) have invested an unknown amount in the currency futures exchange services provided by CoinFLEX.