Key Takeaways
3AC founders Su Zhu and Kyle Davies want to launch their own crypto exchange.
They are seeking $25 million from investors.
GTX, as the project is, aims to be a public marketplace for crypto claims.
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Su Zhu and Kyle Davies want to enter the ballooning crypto claims market by launching their own exchange. The crypto community is not impressed.GTXThree Arrows Capital is planning a comeback.3AC co-founders Su Zhu and Kyle Davies look to raise $25 million to launch a new crypto exchange named GTX. He joins CoinFLEX co-founders Mark Lamb and Sudhu Arumugam.
According to the pitch table, GTX will enable trading of crypto claims—described in the document as a $20 billion market—in matters related to FTX, Celsius, BlockFi, Mt. Gox, and other bankrupt crypto companies. The GTX team then plans to expand its product offering to include trading cryptocurrencies, stocks, and forex. Zhu and Davies’ crypto hedge fund, 3AC, erupt in June 2022 after the collapse of Terra, causing a huge contagion in the crypto industry and forcing several crypto lenders into bankruptcy. Unforgivably, the two founders refused to cooperate with the liquidators and creditors, all the way to the Singapore High Court and the US Department of Justice. recently issued subpoenas for them via Twitter. try to monetize bad debt by issuing a token called rvUSD. It then decided to cut some of its workforce to finance the restructuring of the company. Unsurprisingly, the GTX pitch table was poorly received in the crypto community. “If you invest in CoinFLEX / 3AC[’s] Your ‘exchange’ may make it more difficult to work with Wintermute in the future (on the relationship building side),” stated Wintermute CEO Evgeny Gaevoy. “Also, we’re not going to get into a venture round where these guys are going to the closing table, so be careful.”
Castle Island founder, Nic Carter expressed the same feeling. “You can make a ‘contrarian’ ‘comeback story’ bet against anyone you like, even at the bottom of the barrel of disparaging fraudsters, but there are costs associated with it. ETH, and some other crypto assets.
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