Media find out about Three Arrows Capital founders’ plans to launch a new crypto exchange
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16.01.2023 - 16:25
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Su Zhu and Kyle Davies, the founders of collapsed crypto hedge fund Three Arrows Capital (3AC), are hoping to raise $25 million to start a new crypto exchange called GTX, according to two separate pitch decks obtained by The Block.
News of the fundraise comes two months after exchange giant FTX imploded, leaving more than a million creditors out of pocket. The new exchange takes advantage of the situation offering
Celsius bankruptcy
Lamb declined to comment on the fundraising efforts. Davies didn't immediately respond to a request for comment.
Three Arrows Capital was one of the largest hedge funds in crypto until last year's collapse of the Terra ecosystem left it facing significant losses. The financial advisory firm Teneo has been handling the liquidation of 3AC’s assets and the hedge fund has filed for Chapter 15 bankruptcy in New York.
In December, the court authorized issuance of subpoenas to Zhu and Davies to turn over any "recorded information, including books, documents, records, and papers" relating to Three Arrows Capital's property or finances.
Zhu and Davies resurface
Zhu and Davies both went quiet for some time after the hedge fund’s collapse but both since resurfaced on social media as of late. They are believed to be in Dubai and Bali, respectively.
Disclaimer: Beginning in 2021, Michael McCaffrey, the former CEO and majority owner of The Block, took a series of loans from founder and former FTX and Alameda CEO Sam Bankman-Fried. McCaffrey resigned from the company in December 2022 after failing to disclose those transactions.
Update: Story updated to add more details of GTX's plans.
This material is taken from the website theblock.co.
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