3AC Founders Will Launch New Exchange Called GTX

The founders of 3AC, Su Zhu and Kyle Davis, are looking to raise $25 million for their new exchange – GTX. Is this the next FTX?

If 2022 was a crazy year for the crypto markets, 2023 is about to start with the infamous Three Arrows Capital (3AC) founders looking to raise $25 million for their new project – GTX. The founders of 3AC have collaborated with Coinflex co-founders Mark Lamb and Sudhu Arumugam for this new venture.

Su Zhu confirmed the news to crypto media, Woo Blockchain, saying, “Yep, no comment, just busy making it.”

3AC Founder Building Largest Crypto Exchange?

According to Pitch Deck, the founding team of GTX claims the $20 billion crypto claims it should trade on the public market. those claimants “sell crypto to them using claims as margin capital” want to provide liquidity by allowing

3AC New Project - GTX Pitch Deck
Source: GTX Pitch Deck

pitch deck tells, “GTX unlocks FTX, Celsius etc. Creditor claims for instant trade.” will also open up 3AC claim for trading? The community even makes fun of the name GTX, as it sounds too similar to FTX.

gtx -> ftx” class =”lazy-wp-image-270175″,<figcaption class=source: Twitter

GTX, Grand Theft Exchange?

The collapse of 3AC in July last year affected a large portion of the crypto market. It had many well-known creditors, such as Voyager Digital, Blockchain.com, Deribit, etc. The founders disappeared shortly after 3AC filed for bankruptcy. But Su Zhu became active on Twitter in November, blaming the Luna collapse on DCG and FTX.

Hedge funds invested over $10 billion in creditors’ money; Therefore, the community believes that That 3AC dragged the entire crypto market to new lows. people is astonished Because the founders are raising $25 million instead of going to jail.

The co-founders of Coinflex are part of the GTX founding team. last year, he “extreme market conditions and counterparty uncertainty” Withdrawals have been stopped and are undergoing restructuring. Considering the background of the founders, the community believes that GTX stands for “Grand Theft Exchange.”

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BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.

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