Defunct Crypto Hedge Fund Three Arrows Capital Founders Seek $25 Million to Start New Exchange Amid Scrutiny

Defunct Crypto Hedge Fund Three Arrows Capital Founders Seek $25 Million to Start New Exchange Amid Scrutiny Defunct Crypto Hedge Fund Three Arrows Capital Founders Seek $25 Million to Start New Exchange Amid Scrutiny  0

According to reports, the founders of the now-defunct crypto hedge fund Three Arrows Capital (3AC) are seeking to raise $25 million from investors to start a new crypto exchange called GTX. This solicitation for new capital comes after 3AC co-founders Su Zhu and Kyle Davies were subpoenaed over the social media platform Twitter.

Pitch Deck Shows Three Arrows Capital Co-Founders Seek New Investment for Crypto Exchange GTX

There’s a flurry of reports and screenshots of an alleged pitch deck and website that claim the two 3AC co-founders, Su Zhu and Kyle Davies, are attempting to raise $25 million from investors. They allegedly want to start a new exchange called GTX. The crypto hedge fund Three Arrows Capital filed for Chapter 15 bankruptcy protection during the first week of July 2022.

It is alleged that the company’s liquidators have had difficulty communicating with the two co-founders. Zhu and Davies were recently served subpoenas via Twitter. Additionally, reports indicate that 3AC is allegedly being investigated for potential legal violations by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

In addition to Zhu and Davies, two Coinflex executives, Mark Lamb and Sudhu Arumugam, are also mentioned as being part of the new team. Coinflex, like Three Arrows Capital, also suffered from financial issues and filed for restructuring services in Seychelles last August.

Of course, the alleged pitch deck and website screenshots were shared on social media, and the 3AC founders were widely mocked. Both founders have been more active on social media recently, but they have not addressed the recent speculation about them starting a new crypto exchange called GTX.

As of the time of this writing, it has not been officially confirmed whether the 3AC duo is starting a new crypto exchange.

Tags in this story Bankruptcy, CFTC, Chapter 15 Bankruptcy, Coinflex, communicating, Crypto, difficulty, Exchange, Executive, financial, GTX, hedge fund, investigate, investment, Kyle Davies, legal, legal violations, liquidators, mock, pitch deck, recent, restructuring, SEC, Seychelles, Social Media, Speculation, Su Zhu, Subpoenas, Three Arrows Capital, Twitter, violation, vocal, website

What do you think of the founders of Three Arrows Capital seeking new investment and launching a new crypto exchange amidst legal scrutiny and previous financial troubles? Let us know what you think about this subject in the comments section below.

Defunct Crypto Hedge Fund Three Arrows Capital Founders Seek $25 Million to Start New Exchange Amid Scrutiny  1 Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Defunct Crypto Hedge Fund Three Arrows Capital Founders Seek $25 Million to Start New Exchange Amid Scrutiny  2 Onchain Researchers Discover $63M in Ethereum From Harmony Bridge Attack Moved, Hackers Attempt to Launder Funds on Major Exchanges NEWS | 4 hours ago Defunct Crypto Hedge Fund Three Arrows Capital Founders Seek $25 Million to Start New Exchange Amid Scrutiny  3 NFT Sales Drop 59% in Second Week of 2023; Ethereum Dominates Top 20 Blockchains with 75% of Sales NEWS | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons

Previous article

Leading Crypto Tax and Accounting Provider Ledgible Unveils New Design

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimerShow comments

More Popular News

In Case You Missed It

Defunct Crypto Hedge Fund Three Arrows Capital Founders Seek $25 Million to Start New Exchange Amid Scrutiny  4

Ripple CEO: SEC Lawsuit Over XRP ‘Has Gone Exceedingly Well’

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP “has gone exceedingly well.” He stressed: “This case is important, not just for Ripple, it’s … read more.

Today’s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Iran to Increase Penalties for Unauthorized Cryptocurrency Mining

Source

Updated: 01/16/2023 — 14:00

Leave a Reply

Your email address will not be published. Required fields are marked *

Btc news © 2021 Frontier Theme