With the cryptocurrency trading platform in turmoil, CoinFlex may be moving forward with its restructuring plans as most of its creditors back the idea, as revealed in the early vote.

According to the snapshot of voters backing the restructuring plan, up to 46 million CFV tokens were pledged to support the idea versus 20,000 tokens saying No. Based on this track record, the terms of the proposal may eventually be accepted and implemented. for him exchange.

CoinFlex was one of the trading platforms that took a significant hit with the crypto winter sweeping through the entire industry this year. The exchange, founded in 2019, stopped its withdrawals because it claimed a counterparty was unable to pay a margin call. Later, the trading platform accused Roger Ver, the CEO of Bitcoin.com, of being the counterparty. The exchange announced plans to sue Roger for not paying in July.

CoinFlex has done much to ease the pains of its creditors, as the team posted a 20% annual return despite the withdrawal halt.

The proposed restructuring is what defined his final attempt to get back on his feet. Under the terms of the restructuring, the exchange proposed to give 65% of its equity to its creditors, with 15% scheduled to vest over a period.

Under the terms of the proposal, investors who participated in the company’s Series A will be kicked out. Even so, those who participated in Series B will remain as shareholders.

The company’s approach to its turnaround is markedly different from other beleaguered outfits like Voyager Digital and Celsius Network. Unlike CoinFlex, which put the decision in the hands of its creditors through a vote, the other startups filed for bankruptcy and the courts took over their restructuring processes.

From CoinFlex’s approach, the company’s restructuring process can be completed faster than its peers.

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