Key Points:

• SmartBCH Alliance Limited’s debt is partially paid off by CoinFlex.
• From CoinFlex, SPV takes over 1:1 peg maintenance between sBCH and BCH.

A portion of Coinflex’s debt to SmartBCH Alliance Limited has been paid back by the cryptocurrency exchange in the United Kingdom. The cross-chain bridge between BCH and sBCH was created by the exchange, but it was removed following the exchange’s bankruptcy. In the past seven days, BCH has increased by 106%, which is the highest increase among mainstream currencies.

SmartBCH Alliance Limited has received 4,281,291.42 rvUSD, 651,928.02 USDC, and 6,834.015 BCH from Coinflex, according to the most recent update. 521,542.4 USDC (80%) of the 651,928.02 USDC that was received has been converted into 3,924.84 BCH and sent to pp9xzxg4re07pdtkm5v2zdwjx2c6z6qnj5jnu6f6d9. The SPV’s remaining legal and other operating costs will be covered by the remaining 130,385.62 USDC. So far, the SPV owns 10,758.86 BCH.

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The SPV is opening an account on OPNX, where it will gradually exchange rvUSD for BCH. Additionally, Coinflex has returned 33,365.67 sBCH to the previous bridge address 0x8c4F85ec71C966e45A6F4291f5271f8114a7Ba15. On smartBCH, there are currently 67,756.766 sBCH in circulation.

The Seychelles Courts have approved the restructuring terms, which grant the SPV common equity and one seat on Coinflex’s board. They have not yet received these assets, though. The legal process for Coinflex’s reorganization is still in progress; the community will be informed whenever significant progress is made.

Using all of the SPV’s assets, the SPV has signed an agreement with Coinflex to assume responsibility for maintaining the 1:1 peg between sBCH and BCH. However, due to the disparity between the owned assets and the circulating sBCH, there is a possibility of failing to maintain this peg. The peg of sBCH, however, by receiving the assets: BCH is more secure than not receiving it. The community has diligently maintained the peg in the past.