Cryptocurrency analysts name a token that grew by 25% in a few hours

The value of FLEX, a cryptocurrency associated with the bankrupt CoinFLEX exchange, has risen by 25% in a few hours. The sharp rise in the token occurred after the approval of the CoinFLEX restructuring plan. At the time of writing, the price of FLEX has corrected, trading at $ 1.90, after reaching a daily peak of $ 2.06.

The market capitalization of FLEX has reached $ 143 million. However, many experts have urged traders not to buy this cryptocurrency because it has low liquidity.

Representatives of CoinFLEX filed an application for restructuring back in August 2022, but only today, March 7, an official statement on the final decision was published. At the end of February, FLEX became the top asset of the new OPNX crypto exchange founded by the infamous Su Ju, Kyle Davis, and Mark Lamb.

Su Ju and Kyle Davis are the founders of the liquidated crypto platform Three Arrows Capital. Back in July 2022, the company filed for bankruptcy in a New York court. According to Nansen research, the organization managed assets worth about $ 10 billion at that time. Information about the possible insolvency of 3AC emerged after the cryptocurrency market collapse and the Terra collapse in May 2022.