3AC Co-Founders Seek $25M to Launch Crypto Exchange
Su Zhu and Kyle Davies, the co-founders of Three Arrows Capital (3AC), have plans to launch a new cryptocurrency exchange called GTX. To do so, they are seeking a $25 million dollar investment despite their tarnished reputation which has caused doubt among investors.
The proposed marketplace looks to expand on the services that are traditionally provided by incorporating cryptocurrency claims to “dominate as the only public marketplace for claims trading on order books.”
GTX will also offer more standard services such as the ability to buy and sell stocks and crypto to “fill [a] power vacuum left by FTX.”
The proposal has caused quick controversy as many investors are still reeling from 3AC’s legal woes that happened during the summer of 2022, shortly after the TerraLUNA collapse. The co-founders of 3AC were unresponsive and were heavily criticized for avoiding liquidators and creditors.
In response, the crypto community has largely dismissed the proposal, knowing better than to fill the FTX vacuum by the same duo that led 3AC into insolvency. In fact, their actions were so dismissive that the Supreme Court of Singapore and the U.S. Department of Justice sent a subpoena to Su Zhu and Kyle Davies via twitter.
