The former members of the now collapsed cryptocurrency hedge fund Three Arrows Capital (3AC) are searching for a $25 million investment to launch a new crypto exchange, GTX. This news was shared on Twitter by the co-founders of 3AC, Su Zhu and Kyle Davies.
Pitch Deck Shows Three Arrows Capital Founders Asking For Investment In New Crypto Exchange GTX
There have been numerous reports and screenshots of a supposed pitch deck and website that claim the 3AC co-founders, Su Zhu and Kyle Davies, want to raise $25 million from investors to create a new exchange called GTX. Crypto hedge fund Three Arrows Capital filed for Chapter 15 bankruptcy protection in early July 2022.
3AC co-founders Zhu and Davies are seeking $25 million for their new project, the “GTX” crypto exchange
It’s a great deal! pic.twitter.com/vm3NFBYdNZ
— Crypto Crib (@Crypto_Crib_) January 16, 2023
The liquidators of the firm have reportedly had difficulty getting in contact with the co-founders. Zhu and Davies have recently been issued subpoenas via Twitter. In addition, 3AC is being investigated by the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).
Furthermore, Coinflex executives Mark Lamb and Sudhu Arumugam are also part of the new team. Coinflex, like Three Arrows Capital, was experiencing financial difficulties and requested restructuring in Seychelles last August.
Of course, the pitch deck and website screenshots were fabricated and widely shared on social media and the 3AC founders were mocked. The founding fathers have been more active on social networks recently, but have yet to address the recent speculation surrounding GTX, a new crypto exchange.
It remains unclear at this time if the 3AC pair are actually launching a new crypto exchange.
What are your thoughts on the co-founders of Three Arrows Capital seeking an investment and launching a crypto exchange in the face of legal scrutiny and financial hardship? Let us know what you think in the comments below.
