Co-founders of a bankrupt crypto business seek millions to fund a new ‘GTX’ exchange
The co-founders of the failed Three Arrows Capital (3AC) cryptocurrency hedge fund want $25 million to start up a proposed exchange, as reported earlier by The Block and Bloomberg. It will be called “GTX” — according to its leaked pitch deck — “because G comes after F,” and FTX, the once-huge exchange, is now bankrupt.
But like the band Mystik Spiral, they might change the name. After a round of kicking on crypto Twitter, investment firm CoinFlex — which is partnering with the former 3AC founders Kyle Davies and Su Zhu — tried to quiet the controversy by saying GTX “is a placeholder name.” Let’s hope no one has engraved it on their guitar case or anything.
Part of GTX’s pitch is letting people buy and sell bankruptcy claims from failed...