3AC founders working on new crypto company
After the bankruptcy of 3AC, founders Zhu Shu and Kyle Davies are teaming up with CoinFlex on a new company (GTX).
After the bankruptcy of 3AC, founders Zhu Shu and Kyle Davies are teaming up with CoinFlex on a new company (GTX). GTX aims to reimburse creditors of insolvent companies. The ‘pitch document’ was leaked the day before yesterday.
In addition to CoinFLEX, the founding team also includes the two 3AC founders Kyle Davies and Su Zhu. The team aims to raise $25 million for the exchange and target a launch by the end of February. Creditors of insolvent companies will be able to trade claims on GTX and also immediately receive credit on the potential USDG token. GTX wants to "fill the vacuum left by FTX". Within two to three months after launch, GTX aims to become the leading marketplace for crypto claims, it adds.
The exchange's name is likely meant as a nod to "FTX": the document states that GTX is a logical follow-up "because G comes after F".
The Twitter responses are loud. The founders of 3AC have never been held to account for their alleged crimes and now want to start a new crypto company. CoinFLEX is meanwhile pushing back on the speculation and asking for patience. Whether GTX will actually launch next month and pay crypto victims remains to be seen.
After the Terra collapse in May 2022, crypto hedge fund 3AC filed for bankruptcy. The two founders fled from their creditors — only a yacht in Malta surfaced as evidence.
