CoinFLEX unveiled a restructuring proposal in which creditors would own 65% of the shares

Cryptocurrency trading platform CoinFLEX announced a restructuring proposal on September 22 that will see creditors own 65% of the company. The CoinFLEX team will distribute 15% of its shares in the form of an employee stock option plan (ESOP). The Series B investors will continue to be shareholders in the restructured company. CoinFLEX will then release immediate next steps that the company will take, including details of how the proposal will be voted on. The proposal also includes an agreement with the BCH Consortium that would give the BCH Consortium responsibility for the SmartBCH cross-chain bridge and, if approved, would mean that BCH on the SmartBCH network would be converted to BCH through a 1:1 ratio. On August 10, CoinFLEX applied to the Seychelles Court for reorganization to address the funding shortfall, BlockBeats previously reported. It will seek depositor and court approval to issue rvUSD tokens, CoinFLEX equity, and locked-in FLEX coins to depositors.