Arthur Hayes @CryptoHayes, Co-Founder of BitMEX, shared on Twitter that Three Arrows Capital co-founders Kyle Davies and Su Zhu completed raise for their new crypto exchange called "GTX".

The founders of cash-beleaguered crypto hedge fund Three Arrows Capital “3AC” and crypto exchange CoinFlex are looking to raise $25M “ASAP” to trade claims for traders through a newly launched crypto exchange called GTX.

Su Zhu and Kyle Davies, the founders of collapsed crypto hedge fund Three Arrows Capital (3AC), are hoping to raise $25 million to start a new crypto exchange called GTX, according to two separate pitch decks obtained by The Block. News of the fundraising comes two months after exchange giant FTX imploded, leaving more than a million creditors out of pocket. The new exchange takes advantage of the situation offering depositors the ability to transfer their FTX claims to GTX and receive immediate credit in a token called USDG, the pitch deck said. (The Block)

3AC and CoinFLEX founders are seeking backers for a new crypto claims exchange that aims to “dominate” the industry.

According to reports, the founders of the now-defunct crypto hedge fund Three Arrows Capital (3AC) are seeking to raise $25 million from investors to start a new crypto exchange called GTX. This solicitation for new capital comes after 3AC co-founders Su Zhu and Kyle Davies were subpoenaed over the social media platform Twitter.

The two people behind the now-bankrupt crypto hedge fund Three Arrows Capital are reportedly planning to launch a new exchange and want to raise $25 million from investors.

Kyle Davies, the co-founder of bankrupt hedge fund Three Arrows Capital (3AC), disclosed in a Twitter thread that the first meeting of 3AC creditors was held on Jan. 11. Davies invited all creditors to join the group and announced that it would meet regularly.

Cryptocurrency projects obtained 42.5% less funding in 2022 compared to what they received in 2021. Still, last year’s capital was significantly higher than the figures in 2018, 2019, and 2020.

Three Arrows Capital (3AC) Liquidators have ordered 3AC co-founder Kyle Davis to disclose all documents and financial information related to his collapsed hedge fund before Jan. 26.

Su Zhu, the man behind Three Arrows Capital, has put forth alleged a rather concerning conspiracy regarding Terra’s collapse in mid 2022. The conspiracy involves bankrupt crypto exchange FTX and the Digital Currency Group.