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Nuri Filed For Bankruptcy And Coinflex Announced Restructuring
25 August 11:50
[TL;DR]
Nuri files for insolvency in Berlin.
The firm claims challenges in the fintech ecosystem, capital market challenges arising from the Russian invasion of Ukraine, and the crashes in the cryptocurrency ecosystem, as the reasons for their filing.
Investors' deposits are safe while services and products remain functional.
CoinFlex, on the other hand, filed for structuring in Seychelles to improve its financial situation.
Investors are yet to cosign proposed measures to recoup losses
Background Story
On Tuesday 9th August 2022, German Nuri filed for insolvency due to experiencing Luna and Celsius collapse, and the crypto winter. According to their statement, customers can rest assured of the safety of their deposits, funds, and investments which can be assessed at any time due to their partnership with Solaris bank AG. In addition, their apps alongside products and services will continue to function.
Why did Nuri File for Insolvency
The firm cited several reasons such as startup challenges in the fintech ecosystem, economic challenges arising from the CoronaVirus pandemic, and the Russian invasion of Ukraine. In addition, the adverse development in the crypto market such as sell-offs, and the fall of Luna, Celsius, and other crypto funds.
CoinFlex Restructuring
On the other hand, Coinflex, a crypto futures exchange, filed for restructuring in Seychelles in a bid to improve its financial situation. The firm's application for a restructuring order is before the Supreme Court of Seychelles. It is also waiting to receive approval from its creditors for its restructuring plan. This development comes after the platform began an arbitration to recover over $84 million from one of its customers.
The Genesis Of CoinFlex's Restructuring Plans
The planned restructuring was triggered two months ago when CoinFlex stopped withdrawals on its platform after one of its customers' accounts went into negative equity during June's market volatility. An arbitration action was commenced in Hong Kong International Arbitration Centre (HKIAC) to recover the withdrawals and is part of a broader strategy to revive their equity. They claim the customer is Roger Ver, a famous crypto investor. Although the latter has denied their claim on social media stating that he is owed "a substantial sum of money" by a counterparty.
Coin Flex Proposed to Buffer Its Losses
In addition to recovering its debts, CoinFlex is hoping to raise funds from its investors, as well as considering the possibility of exchanging their deposits on the platform for equity. These "locked balances" will be made tradable as well. All these have to be approved by their investors, and emails have been to them to that effect. In the latest developments, they have also retrenched a good number of employees to cut costs. However, the firm agrees that recovery of the debt will go a long way in providing confidence in the Flex Coin as well as buffering its prices.
Conclusion
According to Nuri, filing for insolvency offers "the best basis for developing a viable long-term restructuring concept in the company's current situation." In the case of CoinFlex, since it published its losses, trading data shows that the Flex Coin fell from $4.20 to $1.60 in late June. Perhaps, the firm will be able to recoup its losses if investors agree to its proposals and they can recover the debt.
Author: Gate.io Observer: M. Olatunji
* This article represents only the views of the observers and does not constitute any investment suggestions.
* Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.
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