Su Zhu and Kyle Davies, the founders of the now-defunct crypto hedge fund Three Arrows Capital (3AC), are reportedly seeking to raise $25 million from investors for a new crypto exchange called GTX. This request for funding follows after the 3AC co-founders were subpoenaed on Twitter.
Pitch Deck Shows Three Arrows Capital Co-Founders Seek New Investment for Crypto Exchange GTX
Su Zhu and Kyle Davies, the co-founders of 3AC, are reportedly trying to raise $25 million from investors to launch a new exchange called GTX. This information is based on reports and screenshots of a supposed pitch deck and website. However, it’s worth noting that 3AC’s crypto hedge fund filed for Chapter 15 bankruptcy protection in early July 2022.
3AC founders Zhu and Davies are aiming raise $25 million for new crypto exchange "GTX"
What could go wrong?! pic.twitter.com/vm3NFBYdNZ
— Crypto Crib (@Crypto_Crib_) January 16, 2023
It is reported that the liquidators of the company are having trouble getting in touch with its co-founders, Su Zhu and Kyle Davies. They were recently served subpoenas through social media. There are also allegations that 3AC is under investigation by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for potential legal violations.
It is reported that besides Su Zhu and Kyle Davies, Two other Coinflex executives, Mark Lamb and Sudhu Arumugam are also part of the new team. Coinflex, similar to Three Arrows Capital, faced financial difficulties and filed for restructuring services in Seychelles last August.
The alleged pitch deck and website screenshots were widely shared on social media and caused the 3AC founders to be widely mocked. Both founders have been more active on social media recently but have not yet commented on the recent speculation about them starting a new crypto exchange called GTX.
It’s worth noting that at the current time, it has not been officially confirmed whether the 3AC duo is indeed starting a new crypto exchange.
Joy Rice is a computer science graduate and crypto writer with a strong understanding of blockchain technology. She writes about the latest developments in the crypto industry, and is passionate about educating and informing readers about the potential uses of blockchain.