Coinflex Distributions Update

smartBCH
2 min readJun 26, 2023

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Dear SmartBCH users,

As of today, SmartBCH Alliance Limited (the “SPV”) has received the following distributions from Coinflex:

  • 4,281,291.42 rvUSD, received by 0x0C7a57e8dfDb8e810DeD7A03B27EfBa46b9cAD7f
  • 651,928.02 USDC, received by 0x0C7a57e8dfDb8e810DeD7A03B27EfBa46b9cAD7f
  • 6,834.015 BCH, received by pp9xzxg4re07pdtkm5v2zdwjx2c6z6qnj5jnu6f6d9

Out of the 651,928.02 USDC received, 521,542.4 USDC(80%) has been swapped into 3,924.84 BCH and then transferred to pp9xzxg4re07pdtkm5v2zdwjx2c6z6qnj5jnu6f6d9, the remaining 130,385.62 USDC is reserved for legal and other operating expenses for the SPV. The SPV owns 10,758.86 BCH so far.

The SPV is opening an account in OPNX and will gradually swap rvUSD into BCH in the exchange.

Also, Coinflex has burned 33,365.67 sBCH back to the old bridge address 0x8c4F85ec71C966e45A6F4291f5271f8114a7Ba15. Now there are 67,756.766 sBCH in circulation on smartBCH.

According to the terms of restructuring approved by Seychelles Courts, the SPV shall be entitled to but haven’t received the following assets from Coinflex:

  • Common equity of Coinflex, which will be a pro rata share of the creditor allocation.
  • One board seat of Coinflex

According to Coinflex, they are still undergoing the legal process for restructuring. We will give an update once there is any major progress.

The SPV has entered into an agreement with Coinflex, in which the SPV will take over the responsibilities of maintaining the 1:1 peg between sBCH and BCH using all the assets owned by the SPV. However, as can be reasonably expected, there will be risk of failing to maintain such peg due to the discrepancy between the assets owned and the circulating sBCH. However, by receiving the assets from CoinFlex, the peg of sBCH:BCH is safer than not having receiving it, before which the peg has been remained well by the community.

We would like to express our sincere gratitude to the all the support given by the community, without any of you we wouldn’t have been able to come so far.

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smartBCH

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