3AC Bosses Eye $25 Million Funding For New Crypto Exchange GTX After FTX Crash

3AC Bosses Eye $25 Million Funding For New Crypto Exchange GTX After FTX Crash
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Three Arrows Capital (3AC) Co-Founders Su Zhu and Kyle Davies are pitching to investors in a bid to raise $25 million in seed funding for a new cryptocurrency exchange dubbed GTX.

Under the pitch proposal, GTX will allow crypto users to tap into a $20 billion crypto application market with besieged entities such as BlockFi, Celsius, FTX, and Mt.Gox among others. It means that gtx hopes to offer crypto bankruptcy claims negotiation. The platform also expects to enter the market for securities lending of 2 trillion dollars. 

The wublockchain team confirmed the news with su zhu, co-founder of the late crypto hedge fund 3ac, who said "yes, no comment, just busy constructing it". The team also consists of coinflex co-founders brand lamb and arumugam sudhu.

In particular, coinflex collapsed as a result of the Terra accident in 2022. The platform also limited withdrawals in July and a chunk of its team. 

The former Corporate Sales Manager for the Amber Leslie Lamb Group will act as Chief Marketing Officer at gtx, and Kent Dog, who already worked at alibaba Features as the new company's Chief Technology Officer. 

Three Arrows Capital Co-founder Su Zhu
Three Arrows Capital Co-founder Kyle Davies (Source: Bloomberg)

3AC Founders Back In The Game

Months after Three Arrows Capital exploded in mid-2022, Three Arrows Capital, a crypto hedge fund, announced GTX to investors. Co-Founder Su Zhu and Kyle Davies disappeared in the aftermath, with reports claiming the pair flew to Dubai. 

Zhu and davies claimed their long positions had been chased away by alameda research. The pair also claimed that Sam Bankman-Fried’s companies played a role in 3AC’s collapse, although the disgraced FTX Founder denied the allegations

A number of supervisory bodies, including the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), have begun investigating 3AC and its founders for financial embezzlement and investor fraud. 

On January 5, 2023, Zhu and Davies were subpoenaed on social network Twitter as their whereabouts remain unknown to the court and liquidators.