coinflex

ChainCatcher news, well-known cryptocurrency entrepreneur Roger Ver has filed a lawsuit against Matrixport, a subsidiary of Wu Jihan, claiming $8 million. Ver stated that Matrixport's founder, Wu Jihan, froze his funds because he was seen as responsible for CoinFLEX's losses. In response, Matrixport stated that this action was taken due to the results of an investigation into trading anomalies.Currently, Ver has also requested the "forced liquidation of the Matrixport subsidiary." In this regard, Matrixport's Public Relations and Brand Director Ross Gan stated that this request is under court review, but there is "no substantive basis" for it. He also added that Matrixport is solvent and well-funded, and based on their solid legal foundation, the court will dismiss Ver's request.

ChainCatcher news, Open Exchange (OPNX) co-founder Mark Lamb published an open letter to CoinFLEX creditors making a tender offer, where accepting creditors will collectively receive 25% equity in OPNX, distributed proportionally based on the size of their claims.Additionally, CoinFLEX creditors who accept this offer will collectively receive 1 billion OX tokens through their OPNX accounts or via automated DeFi platforms like LlamaPay in a trustless manner, with a 10-year exercise period. The first 50% of creditors who accept the offer will receive 2/3 of the OX allocation, distributed proportionally based on the size of their claims, while the remaining 50% of signing creditors will receive 1/3 of that allocation, also distributed proportionally based on the size of their claims.

ChainCatcher news, the crypto claims and trading platform Open Exchange (OPNX), founded by Three Arrows Capital founders Su Zhu and others, has officially launched. OPNX stated that it will soon support claims for Celsius and FTX assets for users. According to the official website, OPNX currently supports cryptocurrency spot and derivatives trading services.OPNX groups bankruptcy claims and tokenizes them, allowing these tokenized claims to be traded on an order book exchange. OPNX also allows perpetual contract trading of major assets using bankruptcy claims as collateral.Previously, ChainCatcher reported that the public market for crypto claims trading and derivatives, OPNX, acquired all assets of CoinFLEX in early March, including personnel, technology, and tokens, with FLEX being their main token, likely to be rebranded with a 1:1 exchange ratio. Earlier, OPNX CEO Leslie Lamb stated that the CoinFLEX restructuring plan was approved and would be renamed Open Exchange. (source link)

ChainCatcher news, according to DeFi researcher @DefiIgnas, the public market for crypto claims trading and derivatives "OPNX," founded by Three Arrows Capital founders Su Zhu and Kyle Davies, has completed a financing deal, but the investors have not been disclosed. @DefiIgnas previously stated that OPNX is raising $25 million. Zhu Su retweeted this tweet.Additionally, OPNX will acquire all assets of CoinFLEX, including personnel, technology, and tokens. FLEX will be their main token. A possible rebranding will involve a 1:1 exchange (no lock-up), similar to the AAVE/LEND rebranding. OPNX will group similar bankruptcy claims and tokenize them, with these tokenized claims traded on an order book exchange. OPNX will allow perpetual contract trading of major assets using bankruptcy claims as collateral.Previously, ChainCatcher reported that CoinFLEX's restructuring application has been approved by the Seychelles court. (source link)

ChainCatcher news, the cryptocurrency exchange CoinFLEX recently claimed in a document that it had lent a total of 3,000,000 FLEX tokens, worth approximately $4.3 million, to the financial services company Blockchain.com last year, and is now demanding repayment by March 7, setting a deadline for Blockchain.com to remit by March 21, or face legal action.Blockchain.com responded: "CoinFLEX's claims are completely unfounded, the allegations are entirely fabricated, and CoinFLEX is currently being sued for dissolution by its clients... In fact, CoinFLEX owes for services provided by Blockchain.com, but has yet to make payment, and we will soon begin collection." CoinFLEX entered restructuring proceedings in Seychelles court last August, seeking to raise $84 million to repay its debts. (Decrypt)

ChainCatcher news, Wintermute founder Evgeny Gaevoy tweeted: "As we are discussing the cancellation of these things, if you are investing in CoinFLEX and Three Arrows Capital's 'exchange', you might find it a bit difficult to collaborate with Wintermute in the future (in terms of relationship building). Similarly, we will not participate in venture capital, as these people are about to enter the capital cap table, so founders should be cautious."Previously, it was reported that Three Arrows Capital founders plan to raise $25 million to launch a new cryptocurrency exchange in partnership with CoinFLEX, aimed at starting to offer cryptocurrency bankruptcy claim trading. Although Three Arrows Capital revealed that the new cryptocurrency exchange is named "GTX," CoinFLEX stated that it will not use GTX as the name, and GTX is just a placeholder name. (Source link)

ChainCatcher news, cryptocurrency exchange CoinFLEX issued a statement in response to questions regarding the proposed "GTX Exchange," stating that its CEO Mark Lamb and executive Sudhu Armugan will continue to serve, hoping to establish and develop the business through the new exchange entity, "We can rename CoinFLEX and will not use GTX."In addition, CoinFLEX creditors / Series B financing will be the largest shareholder category, and we are also discussing other benefits. Any funds raised will be used to increase the company's and its shareholders' (including creditors) equity value. CoinFLEX aims to provide liquidity avenues that current crypto creditors lack across many different platforms by creating and offering products such as the proposed exchange, and to bring new trading volume to the exchange through crypto trading, while also considering adding other asset classes such as stocks and bonds.ChainCatcher previously reported that Three Arrows Capital founders Su Zhu and Kyle Davies, along with CoinFLEX's Mark Lamb and Sudhu Armugan, plan to raise $25 million for the new cryptocurrency exchange GTX. (Source link)

According to Chain Catcher, The Block reported that in the early stages of voting on the CoinFlex restructuring proposal, creditors of CoinFlex overwhelmingly supported the cryptocurrency exchange's restructuring plan. According to Snapshot, after nearly five hours of voting today, over 99% of creditors agreed to the proposed restructuring plan. It is reported that this voting will end on Tuesday. According to the restructuring plan, CoinFlex plans to transfer 65% of the equity to creditors, with 15% of the equity belonging to employees.Previously, Chain Catcher reported in August that CoinFLEX had applied for restructuring in Seychelles and would seek approval from depositors and the court to issue rvUSD tokens, CoinFLEX shares, and locked FLEX tokens to depositors. (Source link)

According to Chain Catcher news, monitoring by PeckShield indicates that the native token FLEX of the cryptocurrency exchange CoinFLEX has dropped by 37% following the announcement of its restructuring proposal.Chain Catcher previously reported that CoinFLEX announced a restructuring proposal, where creditors will hold 65% of the company's shares. The CoinFLEX team will allocate 15% of the shares in the form of an Employee Stock Ownership Plan (ESOP). Series B investors will continue to be shareholders of the restructured company. Subsequently, CoinFLEX will announce the next steps the company will take immediately, including specific details on voting for the proposal. (source link)

ChainCatcher news, cryptocurrency exchange CoinFLEX announced a restructuring proposal, where creditors will own 65% of the company, the CoinFLEX team will be allocated 15%, and over time, will contribute to the employee stock option plan (ESOP), while Series B investors will continue to be shareholders of the restructured company. CoinFLEX will subsequently release the next steps the company will take immediately, including specific details on voting for the proposal.Additionally, the proposal includes an agreement reached with the BCH Alliance, which will make the BCH Alliance responsible for the SmartBCH cross-chain bridge, and if approved, it will mean that "BCH on the SmartBCH network will be exchanged for BCH at a 1:1 ratio."Previously reported, in August, CoinFLEX applied for restructuring in Seychelles and will seek approval from depositors and the court to issue rvUSD tokens, CoinFLEX shares, and locked FLEX tokens to depositors. (Source link)