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Three Arrows Capital (3AC) founders raise $25 million for new crypto exchange GTX

Three Arrows Capital (3AC) founders raise $25 million for new crypto exchange GTX

The fugitive co-founder of defunct crypto hedge fund Three Arrows Capital (3AC), Su Zhu, has partnered with CoinFlex to run a new cryptocurrency exchange, GTX. Su Zhu will accompany two co-founders of CoinFlex – Mark Lamb and Sudhu Arumugam.

Su Zhu, one half of 3AC’s founding duo, is wanted by police and fled 3AC’s Singapore office days after declaring bankruptcy. As court-appointed liquidators Teneo pursue the fugitive worldwide, the embattled crypto entrepreneur embarks on a new venture with his new partners. Additionally, the brand new crypto exchange tends to take commission fees of 0.25% to 0.50%. It already has a potential launch date of late February 2023.

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Will GTX trade claims on FTX?

According to the freshly forged master plan, the GTX crypto exchange would offer stocks, at least a hundred cryptocurrencies, and debt. Therefore, the upcoming GTX exchange is taking a rather cynical approach to “filling the void created by FTX” while trading FTX claims on the new platform. GTX plans to release around $20 billion in crypto receivables, which can take up a significant chunk of the platform’s assets.

Ultimately, the downtrodden entrepreneurs’ bold move left many crypto enthusiasts on Twitter wondering if GTX will also bid on Three Arrows Capital’s claims, some of which were drafted by Su Zhu and Kyle Davies. However, according to close partners of Su Zhu, exchanging 3AC’s huge claims for shares is a likely option on the new exchange.

Crypto Twitter drags GTX through the mud

In response to the revolutionary news, Evgeny “Pious Cynic” Gaevoy, the CEO of Wintermute, warned the crypto community. He claimed that the global crypto market maker would not work with anyone investing in GTX. Wintermute plays a key role in the crypto markets, with a daily trading volume of over $5 billion.

As Wintermute’s CEO has a clear stance on the sleazy project, many crypto investors are staying away from GTX to avoid getting banned from the former’s companies. However, the 3AC Reunion Crypto Twitter roast didn’t stop there.

Nic Carter of Castle Island Ventures further castigated this outlandish idea, sarcastically remarking:

“Disgraced scammers are teaming up with other disgraced scammers to trade claims from a collapsed scam exchange. Seems sustainable..”.
Many well-known crypto entrepreneurs on Twitter question the integrity of the project.

on the reverse

  • The funding round documentation describes GTX as a “placeholder name” that can be “changed at any time”.

Why You Should Care

The creators of GTX are going after FTX and its corrupt founder Sam Bankman-Fried. They deliberately chose a name that closely resembles the Fallen Exchange. As the new crypto platform replaced the unlucky F with the following G, the GTX crypto exchange is part of CoinFlex’s restructuring plan, which aims to “build transparent and open financial markets”.

Read the most gripping stories about crypto hacks and scams:

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View original on DailyCoin

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