The runaway founding partner of defunct hedge fund Crypto Three Arrows Capital (3AC), Su Zhou, joined CoinFlex in plans to operate a new cryptocurrency exchange, GTX. Su Zhu will be accompanied by two CoinFlex co-founders Mark Lamb and Sudhu Arumugam.
Su Zhu, one half of the founding duo of 3AC, is wanted by the police and He escaped from the 3AC office in Singapore days after declaring bankruptcy. While Liquidators appointed by the Teneo Court In a global hunt for a fugitive, an embattled crypto entrepreneur jumps into a new venture with his new partners. Moreover, the new cryptocurrency exchange tends to take commission fees of 0.25%-0.50%. It already has a potential launch date of the end of February 2023.
GTX to trade debt claims on FTX?
According to the newly formulated master plan, the GTX cryptocurrency exchange will offer stocks, at least one hundred cryptocurrencies, and debt claims. Hence, the upcoming GTX exchange takes a somewhat cynical approach to “filling the void created by FTX” while FTX Debt Claims Trading on the new platform. GTX plans to open about $20 billion in crypto debt claims, which could take up a significant portion of the platform’s assets.
Ultimately, the bold move from the downtrodden entrepreneur left many cryptocurrency enthusiasts on Twitter wondering if GTX would also bid on Three Arrows Capital claims, some of which were authored by Su Zhu and Kyle Davies themselves. However, according to Su Zhu’s close associates, swapping 3AC’s massive debt claims into equity is a possible option. in the new exchange.
Crypto Twitter pulls GTX through the mud
In response to the leading news, Eugene “wishful pessimist” Wintermute CEO Gaevoy warned the cryptocurrency community. He emphasized that the global crypto market maker will not work with anyone who invests in GTX. Wintermute plays a major role in the cryptocurrency markets, with a daily trading volume of more than $5 billion.
Since the Wintermute CEO has a clear stance on the shady project, many cryptocurrency investors are turning away from GTX to avoid being banned from previous projects. However, the Crypto Twitter roast for 3AC Reunion didn’t stop there.
Nick Carter of Castle Island Ventures criticized the far-fetched idea even more harshly sarcastic remark:
"Disgraced fraudsters teaming up with other disgraced fraudsters to trade claims from a collapsed fraudulent exchange. Sounds backable..".
Several popular crypto entrepreneurs on Twitter question the integrity of the project.
The makers of GTX dig into FTX and its corrupt founder, Sam Bankman-Fried. They deliberately chose a name very similar to Fallen Exchange. The new crypto platform also replaced the unlucky F as follows gThe GTX crypto exchange is part of CoinFlex’s restructuring plan, which aims to “build transparent and open financial markets.”