New Exchange GTX Of 3AC Founders Completed The Fundraising Plan

Key Points:

• Arthur Hayes, the founder of BitMEX, said that the founders of 3AC have completed a funding round for their new project.
• Previously, the “GTX” project, which marked the return of Su Zhu and Kyle Davis to the market after the failure of the hedge fund Three Arrows Capital (3AC), had the ambition to attract $ 25 million.
• The new cryptocurrency project of 2 founders, 3AC and Coinflex, received many adverse reactions from the community as it intends to fill the market gap of FTX.

In a share on his personal Twitter account, Bitmex founder Arthur Hayes said: The new crypto project GTX of the two founders of the crypto hedge fund has collapsed. Three Arrows Capital (3AC), together partnering with restructuring company CoinFlex completed the fundraising plan mentioned not too long ago.

As mentioned in a previous Coincu News article, the two founders of Three Arrows Capital plan to raise $25 million and partner with CoinFlex to launch a new crypto exchange that aims to start offering crypto bankruptcy declaration transactions.

Although Three Arrows Capital revealed that the name of the new crypto exchange is “GTX,” CoinFlex stated that they would not use GTX as the name and GTX is just a placeholder.

Controversial project

This new project is facing a lot of negative feedback from the community when it is said that the idea is flawed, “basically, the idea is to allow people to trade on the platform by promising to fund from another platform that is in the process of bankruptcy?”

In addition, community influencers such as Wintermute CEO Evgeny Gaevoy have hinted on Twitter that he wants to prevent his company, one of the largest cryptocurrency producers, from being involved with anyone investing in the CoinGlex/3AC venture.

Or former Ripple technical director Nik Bougalis said Zhu and Davies are “trying to steal more money.”

The project was also rejected because both GTX developers failed in 2022. 3AC blew up last year after defaulting on a $2.4 billion loan from the company for Genesis crypto loan.

Its bankruptcy has caused a downward spiral for some crypto participants, as it has a long list of partners. Su Zhu and Davies allegedly failed to cooperate in disclosing assets to liquidators and did not disclose their whereabouts. But the liquidators believe they may be in Bali or Dubai.

CoinFlex filed a restructuring in Seychelles last year after a customer failed to meet margin requirements. It also raised eyebrows after announcing it would attempt to raise the missing funds by issuing a new token with a 20% yield.

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