Su Zhu and Kyle Davies Raised $25 Million for Cryptocurrency Exchange: Report

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.

The name of the new project will be GTX and it will have a somewhat controversial relationship with FTX.

  • Citing two chart offices, The Block reports that the name GTX is derived from the idea that “G comes after F”, in apparent connection to the failed crypto exchange. Remember, Su Zhu had many comments about the FTX disaster and SBF’s actions at that time.
  • The $25 million Zhu and Davies have now raised should help launch the new exchange that will focus on trading cryptocurrency bankruptcy claims.
  • The report also indicated that FTX creditors will transfer their claims on the former SBF-led exchange to GTX upon launch.
  • 3AC, once one of the largest cryptocurrency hedge funds, was among the first dominoes to fall after the Terra ecosystem collapsed last summer. Since then, the two founders have been fairly quiet on social media while failing to cooperate with law enforcement, according to some reports.
  • However, Chu and Davis refuted these rumors but recently went bankrupt.
  • They’ve started reaching out to the community more often in recent weeks, often blasting other struggling crypto companies, like Digital Currency Group.

Posts Su Zhu and Kyle Davies Raise $25 Million for Crypto Exchange: Report appeared first on CryptoPotato.

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