Breaking: Failed 3AC Founders To Launch New Crypto Exchange GTX

According to two distinct presentation decks, Su Zhu and Kyle Davies, the founders of the now-defunct cryptocurrency hedge fund Three Arrows Capital (3AC) & crypto exchange CoinFlex — are seeking to raise $25 million in order to launch a new exchange, named GTX. The new exchange will concentrate on commercial bankruptcy claims lodged by crypto companies as mt. Gox, , BlockFi and the latest FTX.

Negotiation of bankruptcy settlements.

The announcement of the fundraising comes two months after the demise of the crypto giant, which has left over a million debtors without their money. Pitch-dependent, the new exchange makes use of the current circumstances by providing depositors with the opportunity to transfer their ftx claims to gtx and earn immediate credit in the form of a token called usdg. The trade name is a game called "FTX." In fact, one of the pitch decks for GTX begins with the sentence “because G comes after F.”

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GTX intends to fill the void in the and enter the stock securities lending sector, which is estimated to be worth 2 trillion dollars. Mark Lamb and Sudhu Arumugam, the founders of CoinFlex, a cryptocurrency exchange that is in the process of restructuring, have joined forces with the Three Arrows team to form a partnership. Other prominent people, like cto kent deng, an ex-alibaba employee, tencent.

3AC’s GTX Launching Soon

Before the debacle of the Terra ecosystem in November of last year, Three Arrows Capital was one of the top hedge funds in the cryptocurrency industry. However, he is currently suffering considerable losses as a result of the occurrence. On 5 January, the 3ac liquidators were authorized by the Singaporean authorities to issue summonses to appear on the 3ac founders via twitter. This power was granted pursuant to an order of a U.S. bankruptcy court.

According to the decks, GTX will use Coinflex’s technology to establish the exchange, and a legal counsel to manage the onboarding of claims for all of the recent crypto companies that have gone bankrupt, such as BlockFi & Voyager. The new stock market plans to start trading probably in February.

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