The founders of the now-defunct cryptocurrency hedge fund Three Arrows Capital (3AC) are reportedly looking to raise $25 million from investors to start a new cryptocurrency exchange called GTX. This request for new capital comes after 3AC co-founders Su Zhu and Kyle Davies were quoted via the social media platform Twitter.
Pitch Deck Shows Three Arrows Capital Co-Founders Looking For New Investment For Crypto Exchange GTX
There’s a flurry of reports Y screenshots of an alleged pitch deck and website claiming the two co-founders of 3AC, su zhu Y kyle davies, they are trying to raise $25 million from investors. They supposedly want to start a new exchange called GTX. Crypto hedge fund Three Arrows Capital filed for Chapter 15 bankruptcy protection during the first week of July 2022.
3AC founders Zhu and Davies aim to raise $25 million for new “GTX” crypto exchange
What can go wrong?! pic.twitter.com/vm3NFBYdNZ
— Crypto Crib (@Crypto_Crib_) January 16, 2023
The company’s liquidators are alleged to have had difficulty contacting the two co-founders. Zhu and Davies recently received subpoenas via Twitter. Additionally, reports indicate that 3AC is allegedly being investigated for possible legal violations by the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
In addition to Zhu and Davies, two Coinflex executives, Mark Lamb and Sudhu Arumugam, are also mentioned as part of the new team. Coinflex, like Three Arrows Capital, also suffered financial problems and archived for restructuring services in Seychelles last August.
Of course, the alleged pitch deck and website screenshots were shared on social media, and the 3AC founders were widely mocked. Both founders have been more active on social networks Recentlybut they have not addressed recent speculation about the start of a new crypto exchange called GTX.
As of this writing, it has not been officially confirmed if the 3AC duo is starting a new crypto exchange.
What do you think of the founders of Three Arrows Capital seeking new investment and launching a new cryptocurrency exchange amid legal scrutiny and past financial woes? Let us know what you think about this topic in the comments section below.
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