Defunct Crypto Hedge Fund Three Arrows Capital Founders Seek $25 Million to Start New Exchange Amid Scrutiny – Bitcoin News
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The founders of now-defunct crypto hedge fund Three Arrows Capital (3AC) are reportedly looking to raise $25 million from investors to launch a new crypto exchange, GTX. This new capital is sought after 3AC founders Su Zhu and Kyle Davies were challenged via social media Twitter.
Pitch Deck Shows Three Arrows Capital Founders Seeking New Investment For Crypto Exchange GTX
It’s wild out there reports and screenshots about the alleged pitch deck and website claiming to be the two founders of 3AC, Su Zhu and Kyle Davies, are trying to raise $25 million from investors. They claim they want to start a new exchange called GTX. Cryptohedge fund Three Arrows Capital filed for Chapter 15 bankruptcy protection in the first week of July 2022.
3AC Founders Zhu and Davies Aim to Raise $25 Million for New Crypto Exchange ‘GTX’
What could possibly go wrong?! pic.twitter.com/vm3NFBYdNZ
– Crypto Crib (@Crypto_Crib_) January 16, 2023
It is claimed that the liquidators of the company have had difficulties communicating with the two founders. Zhu and Davies were recently served with challenges via Twitter. Additionally, reports indicate that 3AC is being investigated by the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for possible violations of the law.
In addition to Zhu and Davies, the new team also names two Coinflex executives, Mark Lamb and Sudhu Arumugam. Coinflex, like Three Arrows Capital, also suffered from financial problems and last August sought restructuring services from the Seychelles.
Of course the alleged pitch deck and website screenshots were divided on social media, and the founders of 3AC were widely was mocked. Both founders have been more active in social media recentlybut they haven’t addressed the recent speculation that they are setting up 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 about the founders of Three Arrows Capital looking for new investment and launching a new crypto exchange amid legal scrutiny and past financial troubles? Let us know what you think about this topic in the comment section below.
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