3AC, Coinflex founders collaborating to lift $25M for brand spanking new claims buying and selling change

Founders of collapsed crypto hedge fund Three Arrows Capital Su Zhu and Kyle Davies are reportedly attempting to lift cash for a brand new cryptocurrency change in partnership with Coinflex cofounders Mark Lamb and Sudhu Arumugam. Based on a pitch deck, they’re looking to lift $25 million. 

The proposed new change is to be referred to as GTX, in keeping with the presentation. It promised to crack the claims market as effectively:

“Our authorized staff will streamline and automate claims onboarding to GTX and make it the dominant market for FTX and different bankrupt corporations’ claims.”

Cryptocurrency change Coinflex halted withdrawals in June and is in the process of restructuring. 

The founders of 3AC, Zhu Su and Kyle Davis, and the 2 founders of CoinFlex have launched a brand new venture, GTX, which is elevating a seed fund of $25m to commerce claims from collectors. Su Zhu acknowledged the information to WuBlockchain: “sure, no remark, simply busy constructing it”.

— Wu Blockchain (@WuBlockchain) January 16, 2023

Associated: Three Arrows Capital creditors express frustration with bankruptcy process during call