Exchange record
CoinFLEX
Cryptocurrency exchange that suspended withdrawals in June 2022 after a counterparty shortfall, entered a Seychelles court-supervised restructuring process, and was publicly announced by its incoming CEO as rebranding to Open Exchange (OPNX) on 2023-03-08. HEI preserves the CoinFLEX-OPNX continuity as a rebrand event but does not force a canonical successor link because later creditor litigation disputed that the OPNX transition was an authorized one-to-one succession.
Registry sequence
Key facts
URL handling
Summary
Cryptocurrency exchange that suspended withdrawals in June 2022 after a counterparty shortfall, entered a Seychelles court-supervised restructuring process, and was publicly announced by its incoming CEO as rebranding to Open Exchange (OPNX) on 2023-03-08. HEI preserves the CoinFLEX-OPNX continuity as a rebrand event but does not force a canonical successor link because later creditor litigation disputed that the OPNX transition was an authorized one-to-one succession.
Timeline
CoinFLEX operated as a centralized cryptocurrency exchange before its 2022 liquidity crisis and later OPNX-linked transition.
CoinFLEX suspended customer withdrawals amid extreme market conditions and uncertainty involving a large counterparty. A later Seychelles Supreme Court ruling records that a large customer failed to meet financial obligations, leaving a balance-sheet hole that prevented CoinFLEX from meeting client withdrawal requests and other liabilities.
CoinFLEX suspended customer withdrawals during a liquidity dispute involving a large counterparty later identified by CoinFLEX leadership as Roger Ver.
The Supreme Court of Seychelles approved an interim arrangement in CoinFLEX's restructuring process after reviewing the company's proposed plan and the balance-sheet shortfall arising from the counterparty default.
Open Exchange / OPNX emerged as a new exchange venue connected to CoinFLEX leadership and creditor recovery plans. HEI links CoinFLEX to the existing OPNX successor record.
CoinFLEX executive Leslie Lamb announced that, following approval of the restructuring, CoinFLEX would officially rebrand to Open Exchange (OPNX) and that she would serve as OPNX CEO.