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CoinFLEX to Begin Distribution of "Composite" of Assets to Creditors Next Week

Cointime Official

Crypto futures exchange CoinFLEX announces the upcoming distribution of its "Composite" of assets to its creditors as part of its approved restructuring terms.

As per the statement, the Composite will consist of rvUSD tokens, equity, and USDC/USDT. LUSD trading will be permanently suspended by April 1, 2023, at approximately 1200 UTC time.

Source: https://coinflex.com/blog/composite-distribution-notice-and-suspension-of-lusd-trading

"We anticipate disbursing the rvUSD components early next week and expect the issuance of equity interests will commence later next week, subject to any process delays. In addition, we also anticipate distributing the USDC/T by the end of next week as well." the firm said in an announcement.

Creditors should note that the distribution of equity interests is contingent upon each creditor submitting additional KYC documentation, including a passport and proof of address, within the next six months. Failure to provide the required KYC information may result in forfeiture of equity interests to the company.

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