Disgraced 3AC Founders Are Launching a New Undertaking Referred to as GTX, In search of $25M in Funding

The 3AC founders, Su Zhu and Kyle Davies, need to increase $25 million for his or her new change – GTX. Is it the subsequent FTX?

If 2022 was a loopy 12 months for crypto markets, 2023 has simply begun with the disgraced Three Arrow Capital (3AC) founders trying to increase $25 million for his or her new venture – GTX. The 3AC founders have collaborated with CoinFlex co-founders Mark Lamb and Sudhu Arumugam for this new enterprise. 

Su Zhu confirmed the information to crypto media, Wu Blockchain stating, “sure, no remark, simply busy constructing it.”

3AC Founders Constructing the Largest Crypto Alternate?

Based on the pitch deck, the founding staff of the GTX claims that the $20 billion crypto claims market ought to commerce on a public market. They need to present liquidity to claimants by permitting them to “promote them to crypto whereas utilizing claims as margin capital.”

The pitch deck states, “GTX unlocks FTX, Celsius, and so forth., creditor claims for rapid buying and selling.” Will it additionally open up 3AC claims for buying and selling? The neighborhood additionally mocks the identify GTX, as it’s just like FTX.

GTX, the Grand Theft Alternate?

The collapse of 3AC again in July final 12 months impacted a big portion of the crypto market. It had many well-known collectors, resembling Voyager Digital, Blockchain.com, Deribit, and so forth. The founders went lacking shortly after 3AC filed for chapter. However Su Zhu turned energetic on Twitter in November, accusing DCG and FTX of the Luna collapse.

The hedge fund blew up over $10 billion in collectors’ funds; therefore, the neighborhood believes that 3AC dragged the complete crypto market to new lows. Individuals are shocked because the founders are elevating $25 million as an alternative of going to jail.

The co-founders of CoinFlex are part of the GTX founding staff. Final 12 months, they paused withdrawals as a result of “excessive market situations and continued uncertainty involving a counterparty” and are present process a restructuring. Contemplating the founders’ background, the neighborhood believes GTX means “Grand Theft Alternate.”

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