According to reports, the founders of now-defunct crypto hedge fund Three Arrows Capital (3AC) are looking to raise $25 million from investors to launch a new crypto exchange called GTX. This solicitation for new capital comes after 3AC co-founders Su Zhu and Kyle Davies were subpoenaed on social media platform Twitter.
Pitch Deck Shows Three Arrows Capital Co-Founders Seek New Crypto Exchange GTX Investment
There is a flurry of reports and screenshot an alleged pitch deck and website claiming the two co-founders of 3AC, Su-Zhu and Kyle Davies, are trying to raise $25 million from investors. They would like to launch a new exchange called GTX. Three Arrows Capital crypto hedge fund deposit for Chapter 15 bankruptcy protection in the first week of July 2022.
3AC Founders Zhu and Davies Aim to Raise $25M for New Crypto Exchange ‘GTX’
What could go wrong?! pic.twitter.com/vm3NFBYdNZ
— Crypto Cradle (@Crypto_Crib_) January 16, 2023
It is alleged that the company’s liquidators had difficulty communicating with the two co-founders. Zhu and Davies were recently subpoenaed via Twitter. Additionally, reports indicate that 3AC is being investigation for potential violations of law by the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Besides 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, has also suffered from financial problems and deposit for the restructuring of services in the Seychelles last August.
Of course, the alleged pitch deck and website screenshots were share on social media, and the founders of 3AC have been widely mocked. The two founders were more active on social networks recentlybut they did not respond to recent speculation about the launch 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 investments and launching a new crypto exchange amid legal scrutiny and previous financial issues? Let us know what you think about this topic in the comments section below.
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