Founders of collapsed crypto hedge fund Three Arrows Capital (3AC) Su Zhu and Kyle Davies are reportedly trying to raise money for a new cryptocurrency exchange in partnership with Coinflex cofounders Mark Lamb and Sudhu Arumugam. According to a pitch deck, they are looking to raise $25 million.\u00a0<\/p>\n
The proposed new exchange is to be called GTX, according to the presentation. They propose to specifically target claims against bankrupt firms. \u201cFTX users are selling claims at ~10% face value for immediate liquidity or waiting 10+ years for the bankruptcy to process disbursements,\u201d the presentation said. It promised to crack the claims market:<\/p>\n
“Our legal team will streamline and automate claims onboarding to GTX and make it the dominant marketplace for FTX and other bankrupt companies\u2019 claims.”<\/p><\/blockquote>\n
Unlike competing claims market operators, GTX would allow customers to use claims as collateral for trading. In addition, they said, the proposed exchange could \u201cfill the power vacuum left by FTX\u201d and expand into regulated markets such as the stock market.\u00a0<\/p>\n
Cryptocurrency exchange Coinflex halted withdrawals in June but\u00a0resumed partial withdrawals\u00a0the following month. It also\u00a0sued an individual user\u00a0in Hong Kong court that month as it sought to fill an $84 million hole in its balance sheet. \u00a0It\u00a0is now in the process of restructuring.\u00a0<\/p>\n
Related:\u00a0Three Arrows Capital creditors express frustration with bankruptcy process during call<\/em><\/strong><\/p>\n3AC\u00a0was forced into liquidation\u00a0on June 27, and Su and Davies went missing. They are reportedly now located in Indonesia and the United Arab Emirates, respectively.\u00a0Su returned to Twitter in November, and has used it to accuse FTX and Digital Currency Group of conspiring to cause the downfall of 3AC. Su and Davies were served subpoenas over Twitter on Jan. 5 after they refused to accept service through their counsel in Singapore, where the company is based.\u00a0<\/p>\n
Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Founders of collapsed crypto hedge fund Three<\/p>\n","protected":false},"author":3,"featured_media":169651,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
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