Dear CoinFLEX Community,
We are delighted to announce that we have nearly reached the point where we can begin distributing the "Composite" of assets to our creditors in accordance with the approved restructuring terms. Consequently, all LUSD trading will be permanently suspended by 1st of April, 2023 around 1200 UTC time.
For your reference, the "Composite" of assets comprises the following:
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 distribution of equity interests will be contingent upon each creditor submitting additional KYC (Know Your Customer) documentation, including a passport and proof of address, as mandated by our Seychelles counsel in compliance with Seychelles legal regulations. This is in addition to the KYC clients may have provided at time of opening their account. Creditors who fail to provide the required KYC information will not receive their corresponding equity interests.
Please note that creditors will have a maximum of 6 months to adhere to these KYC requirements; otherwise, their equity interests may be forfeited to the company.
Update on SmartBCH Bridge Restoration: We are in regular and frequent contact with the SmartBCH Alliance and working towards restoring the bridge, which should hopefully be completed soon. A few steps have already been taken on this process and once the remaining are completed, we will hand this over.
Published on: March 31, 2023