As the market tries to slowly recover from the disaster following the FTX bankruptcy, the rogue former executives of bankrupt investment fund, Three Arrows Capital (3AC) are reportedly currently raising funds for create a new cryptocurrency exchange called GTX.
Clarification: Su Zhu specified that the name of the exchange being created was not definitive and would probably be changed in the days to come.
As a reminder, during the collapse of the Terra Luna ecosystem in May 2022, many companies in the industry took the brunt of their financial dependence on the former empire led by Do Kwon. Three Arrows Capital, an investment fund particularly popular with institutional investors, had to face serious liquidity problems leading him to bankruptcy.
Su Zhu and Kyle Davies, the founders of 3AC, have long kept a low profile following their company’s bankruptcy filing, but they reappeared lately posting regularly on social media. On the other hand, their geographical location remains secret for the time being even though justice would seek answers on the decisions that led to the 3AC situation.
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The former founders of 3AC want to create an exchange: GTX
The latest fad from the creators of 3AC is far from unanimous within the community. Indeed, the latter would quite simply intend to launch in the coming weeks, ideally as early as February, a new exchange cryptocurrency called GTX.
The chosen name of their company is not a mere coincidence since it is quite simply a direct reference to the American exchange FTX. Moreover, in the pitch of this project, this complicity is assumed since it is indicated from the start that the letter G was chosen simply because it comes after the letter F.
According to the presentation document, it will be an exchange that will have the particularity of offering a complaints service. Thus, it would be possible for users to recover their lost investment in FTX or even Celsius via GTX.
Concretely, it would be transfer your claim to GTX in exchange for an instant credit of its USDG equivalent, the future stablecoin of this platform if it were to see the light of day.
Also, it would be possible for some users to exchange their claim from the collapse of 3AC against shares of the trading platform. Reimbursing previous investors with new ones… nothing of a ponzi ?
A 25 million euro project
Far from being finalized, this project requires the intervention of external sponsors. According to the retrieved folder, the creators would like to get financing of 25 million euros from investors.
Finally, in addition to the presence of Su Zhu and Kyle Davies, the former founders of 3AC teamed up with Mark Lamb and Sudhu Arumuganthe leaders of CoinFLEX.
For the moment, no official communication has taken place, but it would not be a surprise to see the latter hoping to be able to launch GTX. On the other hand, the community of crypto currencies must not show amnesia concerning the recent past of the former founders of 3AC.
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