CoinFLEX Users Are Concerned About The Leaked GTX Pitch Deck From Three Arrows Founders

CoinFLEX users are awake after an advertising platform revealed that the founders of the bankrupt exchange were seeking funding for a new venture with Su Zhu and Kyle Davies.

The surface of the playing field is obtained by Decrypt It revealed that CoinFLEX’s Zhu, Davies, Mark Lamb, and Sudhu Armugan are looking to raise $25 million for a new crypto exchange called GTX.

CoinFLEX cryptocurrency exchange Apply for restructuring in Seychelles last year. Asked to comment on the GTX launch, Lamb said Decrypt Today it was “focused on construction”.

The new platform revolves around the idea of ​​trading cryptocurrency claims owed to creditors affected by the collapse of several cryptocurrency-related projects, a $20 billion market, according to the platform.

Zhu confirmed the news but said GTX is not the company’s final name, ie mentioned in The Wall Street Journal. The company’s business name was intended as a joke about bankrupt cryptocurrency exchange FTX.

Su Zhou did not immediately respond to a request for comment.

Several users on CoinFLEX’s official Telegram channel reacted to the GTX platform’s reports on Tuesday. Some users said they were shocked, others expressed confusion, and one said that the CoinFLEX team should be ashamed of themselves.

“You don’t want to be associated with 3AC,” said another user. “Think about this carefully.”

You could have turned CoinFLEX into something like GTX […] But you chose not to do this on purpose, said one user. “You teamed up with two scammers to be able to leave CoinFLEX behind.”

Lamb said the team at CoinFLEX is “not going anywhere” and is focused on building as much value as possible for CoinFLEX creditors. He did not confirm or deny that the GTX-related stadium is real.

“If we launch a brand new crypto exchange, CoinFLEX creditors will be major shareholders,” Lamb said on his Telegram channel. “We are not applying to a separate exchange that does not include CoinFLEX creditors. This is not ethical.”

One user expressed concern that CoinFLEX’s creditors would not benefit from the new company because it is being launched by the company’s management outside of CoinFLEX. Lamb responded by calling the sentiment a “false narrative”.

The moderators urged the channel to “maintain its respect” after Lamb’s response. There were 193 members present on the CoinFLEX Telegram channel at the time of writing.

A moderator said on the Telegram channel that the company will not discuss unreported matters because they are related to CoinFLEX and declined to comment.

What is GTX?

The GTX presentation platform makes several references to the implosion of FTX, which rocked the crypto markets last November when Sam Bankman-Fried’s crypto empire suddenly collapsed.

The presentation platform claims that the platform will “fill the energy void left by FTX” and “whet the cryptocurrency trading appetite of its holders.” In November, FTX’s new CEO, John J. Ray III, took office calculated There could be anywhere from 100,000 to more than 1 million creditors that may have claims in an FTX bankruptcy.

But GTX wants to attract creditors from other bankrupt companies as well, including Celsius and BlockFi, and even those who saw their cryptocurrency disappear in the collapse of Mt Gox, one of the largest cryptocurrency exchanges at the time it exploded in 2014.

$25 million in seed funding will be used to launch the GTX “ASAP”, with the goal of going public by the end of February. At this point, it plans to have features including a streamlined system for filing FTX and other bankruptcy claims.

It appears that the project is poised to take advantage of the crypto claims market which has grown exponentially in the past year.

3AC was one of the largest crypto-centric hedge funds when it existed Filed bankruptcy In July, after suffering heavy losses from Terra collapse environmental system.

Filings from Chapter 15 bankruptcy later revealed that defunct hedge fund debtors creditors $3.5 billion, including $2.3 billion for crypto lender Genesis. The promotion for GTX did not mention dropping claims from 3AC’s bankruptcy.

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