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Disgraced 3AC Founders Are Launching a New Project Called GTX, Seeking $25M in Funding

2 mins
Updated by Ryan James
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In Brief

  • The 3AC founders are launching a new exchange with CoinFlex founders.
  • They are looking for a seed fund of $25 million for an exchange that will allow trading crypto claims.
  • The community mocks the new startup from the disgraced founders.
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The 3AC founders, Su Zhu and Kyle Davies, want to raise $25 million for their new exchange – GTX. Is it the next FTX?

If 2022 was a crazy year for crypto markets, 2023 has just begun with the disgraced Three Arrow Capital (3AC) founders looking to raise $25 million for their new project – GTX. The 3AC founders have collaborated with CoinFlex co-founders Mark Lamb and Sudhu Arumugam for this new venture. 

Su Zhu confirmed the news to crypto media, Wu Blockchain stating, “yes, no comment, just busy building it.”

3AC Founders Building the Largest Crypto Exchange?

According to the pitch deck, the founding team of the GTX claims that the $20 billion crypto claims market should trade on a public marketplace. They want to provide liquidity to claimants by allowing them to “sell them to crypto while using claims as margin capital.”

3AC new project - GTX pitch deck
Source: GTX Pitch Deck

The pitch deck states, “GTX unlocks FTX, Celsius, etc., creditor claims for immediate trading.” Will it also open up 3AC claims for trading? The community also mocks the name GTX, as it is similar to FTX.

Source: Twitter

GTX, the Grand Theft Exchange?

The collapse of 3AC back in July last year impacted a large portion of the crypto market. It had many well-known creditors, such as Voyager Digital,, Deribit, etc. The founders went missing shortly after 3AC filed for bankruptcy. But Su Zhu became active on Twitter in November, accusing DCG and FTX of the Luna collapse.

The hedge fund blew up over $10 billion in creditors’ funds; hence, the community believes that 3AC dragged the entire crypto market to new lows. People are shocked as the founders are raising $25 million instead of going to jail.

The co-founders of CoinFlex are a part of the GTX founding team. Last year, they paused withdrawals due to “extreme market conditions and continued uncertainty involving a counterparty” and are undergoing a restructuring. Considering the founders’ background, the community believes GTX means “Grand Theft Exchange.”

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Harsh Notariya
Harsh Notariya excels in delivering SEO-optimized crypto news under tight deadlines. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.