The 3AC founders, Su Zhu and Kyle Davies, want to raise $25 million for their new exchange – GTX. Is it the next FTX?
If 2022 was a crazy year for crypto markets, 2023 has just begun with the disgraced Three Arrow Capital (3AC) founders looking to raise $25 million for their new project – GTX. The 3AC founders have collaborated with CoinFlex co-founders Mark Lamb and Sudhu Arumugam for this new venture.
Su Zhu confirmed the news to crypto media, Wu Blockchain stating, “yes, no comment, just busy building it.”
3AC Founders Building the Largest Crypto Exchange?
According to the pitch deck, the founding team of the GTX claims that the $20 billion crypto claims market should trade on a public marketplace. They want to provide liquidity to claimants by allowing them to “sell them to crypto while using claims as margin capital.”
The pitch deck states, “GTX unlocks FTX, Celsius, etc., creditor claims for immediate trading.” Will it also open up 3AC claims for trading? The community also mocks the name GTX, as it is similar to FTX.
GTX, the Grand Theft Exchange?
The collapse of 3AC back in July last year impacted a large portion of the crypto market. It had many well-known creditors, such as Voyager Digital, Blockchain.com, Deribit, etc. The founders went missing shortly after 3AC filed for bankruptcy. But Su Zhu became active on Twitter in November, accusing DCG and FTX of the Luna collapse.
The hedge fund blew up over $10 billion in creditors’ funds; hence, the community believes that 3AC dragged the entire crypto market to new lows. People are shocked as the founders are raising $25 million instead of going to jail.
The co-founders of CoinFlex are a part of the GTX founding team. Last year, they paused withdrawals due to “extreme market conditions and continued uncertainty involving a counterparty” and are undergoing a restructuring. Considering the founders’ background, the community believes GTX means “Grand Theft Exchange.”
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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.