Founders of Bankrupt Three Arrows Capital Su Zhu and Kyle Davies recently raised $25M to launch GTX but no one is quite interested in it.
This trading platform is built with CoinFlex co-founders Sudhu Arumugam and Mark Lamb which will allow users to make crypto claims and recover funds lost in bankrupt exchanges.
It’s been 6 months since 3AC collapsed after the market crash. Zhu and Kyle were also reported missing for months. Now, the founders are trying to enter the industry again to help creditors recover their crypto funds by opening a public marketplace.
In 2022, many crypto exchanges and platforms were dissolved due to various reasons, the main cause being the bear market. Zhu and Kyle want to offer liquidity through claims trading for a $20 billion market.
To explain in simple words, the pitch reads
“GTX unlocks FTX, Celsius, etc., creditor claims for immediate trading.”
The creditors can claim their trades in a new token called USDG.
The project is already filled with many executives on the team including Digital Currency Group CEO Barry Silbert.
However, this pitch hasn’t seen much attention from the crypto community. Many people think the model is not reliable. It solely wants to attract users with the promise of returning funds from bankrupt firms.
For starters, CoinFlex has come under the radar for loaning out $47 million to Roger Ver who denied the allegation saying the crypto exchange owes him the amount. The team then tried to recover it by issuing a new token called rvUSD.
Will GTX succeed despite having to see the backlash from the community? Nonetheless, the founders are pushing to make this project successful.
