BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

3AC Founders Want to Raise $25 Million, and Try Once More

by Chiwuike Owunwa
Jan 16, 2023 - 12:00 am
in Blockchain
3AC Founders Want to Raise $25 Million

On the 16th of January 2023, Colin Wu, a blockchain reporter on Twitter, posted that the founders of Failed 3AC are raising $25 million for their start-up.

The founders of 3AC, Zhu Su and Kyle Davis, and the two founders of CoinFlex have launched a new project, GTX, which is raising a seed fund of $25m to trade claims from creditors. Su Zhu acknowledged the news to WuBlockchain: “yes, no comment, just busy building it”.

— Wu Blockchain (@WuBlockchain) January 16, 2023

Zhu Su and Kyle Davis, who founded the bankrupt 3AC, teamed up with two founders of CoinFlex, which is a centralized exchange that provides investors and institutions with an accessible platform to trade their assets and earn.

The intention of the team-up is to raise a $25 million seed fund to build a new project called GTX. The GTX project is a platform that trades bankruptcy claims from creditors. And according to Su Zhu, that’s the focus of all their building right now.

Claims trading is the purchase or sale of valid claims over bankrupt entities under chapter 11 reorganization. During the initial filing of chapter 11 bankruptcy, there is a period of uncertainty over the possible success of the business and its reorganization, the new management capacity, and the duration of the restructuring, which can be disrupted and prolonged due to internal factors.

In the end, it also takes an uncertain period for assets to be recovered, which is what leads creditors to consider claims trading.

The founders of GTX aim to capitalize on the collapse of FTX and other similar events that took place in the crypto space. They also want access to the $20 billion crypto claims market and enter the $2 trillion securities market.

The executive team of GTX, aside from the founders of 3AC, includes Mark Lamb and Sudhu Arumugam, co-founders of CoinFlex, Kent Deng, the CTO who worked for Alibaba, and Leslie Lamb, the CMO who headed the institutional sales division for Amber group.

The reaction from users in the crypto space is one of Disdain for the actions of Zhu Su and Kyle Davis, believing that they should permanently remain in police custody for their $3.5 billion debt owed to 3AC users and investors.

On the 27th of June, Su and Davis went missing, leaving a bankrupt 3AC. They ran to Indonesia and the UAE. after the FTX crash, and they came out to pin their failings on the SBF and DCG for conspiring to destroy their project.

Before even entering the crypto space, their affairs and history in the FX industry led to banks cutting them off back in 2017.

Once the fundraising is done, the project will launch within the first quarter of 2023.

Tags: 3ACGTX
Chiwuike Owunwa

Chiwuike Owunwa

Chiwuike is a frontend programmer and writer with 3 years experience in the Web3. He's meticulous researcher, enthusiastic about Blockchain and the future of crypto, DeFi, and the Metaverse.

Related Posts

Exterior view of the Czech National Bank building in Prague, symbolizing the institution’s financial strategies and innovation.

Bank of England Governor Says Stablecoins Could Reduce Reliance on Banks

October 1, 2025

Andrew Bailey says stablecoins could reduce UK reliance on commercial banks by separating money from credit, signaling a...

blockchain

Spacecoin Executes First Blockchain Transaction Through Space

October 1, 2025

Spacecoin has achieved the first-ever blockchain transaction through space using a nanosatellite, marking a milestone for decentralization and...

The headquarters of the Autorité des Marchés Financiers (AMF) Investor in Paris, France, the regulatory body warning investors against ByBit.

French Officials Pressured Telegram to Censor Moldova Election Posts: Durov

September 28, 2025

Pavel Durov revealed French intelligence pressured Telegram to censor Moldova election content in 2024, which he refused, citing...

Wall Street financial district with Bitcoin symbol representing institutional adoption

Bitcoin skepticism fades as nations gear up for adoption, says Samson Mow

September 28, 2025

Samson Mow predicts nation-states will move from skepticism to rapid Bitcoin adoption, fueling global FOMO and a rush...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service