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Crypto Exchange CoinFlex Floats Plan for Creditors to Own 65%

  • Vote on proposed restructuring plan is due in coming week
  • Most shareholders will get wiped out, according to CoinFlex

Cryptocurrency exchange CoinFlex has detailed a restructuring plan in which creditors will own 65% of the company, with a vote on the proposal coming over the next week.

Existing ordinary and Series A shareholders will lose their equity stakes, while the CoinFlex team will be allocated 15% in the form of an employee share option plan that will vest over time. Series B investors will continue to be shareholders and will be incentivized with future equity, a statement showed.