The irony that Zhu and Davies — who spent months publicly sparring with 3AC liquidators working to recover assets for creditors — want to get into the business of crypto claims wasn’t lost on detractors. Many tweets centred on the similarity between GTX’s proposed name and FTX, the crypto exchange that collapsed in November and whose founder, Sam Bankman-Fried, has been charged with crimes including fraud.
The founders of cryptocurrency hedge fund Three Arrows Capital, which saddled investors and lenders with potentially billions of dollars of losses when it imploded last year, are seeking money for a new venture. Judging by reactions on Crypto Twitter, they face an uphill battle.
Su Zhu and Kyle Davies are seeking to raise about US$25 million ($33.0 million) for a crypto exchange called GTX that will focus on trading in crypto claims, according to a pitch deck for the proposed business seen by Bloomberg News. They’re teaming up with the founders of CoinFLEX, a digital-asset exchange that filed for restructuring in the Seychelles in August.
