Su Zhu and Kyle Davies Raising $25M for a Crypto Exchange: Report

The 2 folks behind the now-bankrupt crypto hedge fund Three Arrows Capital are reportedly planning to launch a brand new alternate and need to increase $25 million from traders.

The title of the brand new challenge shall be GTX and can have a considerably controversial relation to FTX.

• Citing two pitch desks, The Block reported that GTX’s title stems from the concept that “G comes after F,” in a transparent affiliation with the failed crypto alternate. Recall that Su Zhu had a number of feedback on FTX’s debacle and SBF’s actions on the time.
• The $25 million Zhu and Davies want to increase now ought to assist them launch the brand new alternate that may give attention to buying and selling in crypto chapter claims.
• The report additionally famous that the FTX collectors will switch their claims on the previous SBF-led alternate to GTX upon its launch.
• 3AC, as soon as one of many largest crypto hedge funds, was among the many first domino items to fall after the Terra ecosystem collapse final summer time. Each founders have since been fairly quiet on social media whereas additionally failing to cooperate with legislation enforcement businesses, in keeping with some reviews.
• Zhu and Davies, nonetheless, refuted these rumors however have been not too long ago subpoenaed within the chapter case.
• They started to deal with the group extra continuously up to now a number of weeks, usually instances blasting different struggling crypto corporations, akin to Digital Foreign money Group.