Pitch decks: Three Arrows Capital founders Su Zhu and Kyle Davies are hoping to raise $25M to start crypto exchange GTX, partnering with two CoinFlex executives
That sequence makes the fundraising effort more than a new exchange pitch: it is an attempt by the 3AC founders to return to crypto market infrastructure while the prior firm's unwinding remains active.
First-order effects
GTX's proposed $25 million raise puts Su Zhu, Kyle Davies and the two CoinFlex executives together at the center of a new exchange venture, making its financing contingent on backers accepting that leadership mix.
The founders' unresolved cooperation dispute with 3AC liquidators becomes an immediate credibility issue for GTX rather than a separate legacy matter.
Second-order effects
GTX would have to compete for users and capital with its founders' 3AC record as a material part of its market identity, turning trust into a more direct competitive constraint.
The CoinFlex executives' participation links their professional reputations to whether GTX can distinguish a new exchange operation from the governance and risk failures associated with 3AC.
Third-order effects
If GTX secures financing, it would test whether crypto founders can move from a failed leveraged firm into new market infrastructure before the earlier liquidation process is resolved.
The episode points to a crypto legitimacy gap in which capital can finance new ventures faster than counterparties, users and courts resolve accountability from prior failures.
The trend: Crypto market infrastructure is being shaped by a widening gap between founders' ability to launch new ventures and the slower process of establishing accountability for failed ones.
This is kinda like the https://pets.com/ founder starting an energy trading company in 2002 and calling it Enrom Also: “the new venture, which aims to start offering trading in crypto bankruptcy claims.” **the founders' firm is in bankruptcy**
Omega grifters camping out in non-extradition countries trying to raise $25M to build an exchange. Y'all asses just got served on twitter last week, sit tf down. Any VC who falls for this crap deserves to be swindled.
Started with $1.2M of partner capital, grew to $4B+ (then lost it all and some more gambling like retards and rugged an entire asset class & dozens of investors)
And since we are talking about cancelling stuff, if you are investing into coinflex/3ac “exchange” you might find it a bit more difficult to work with wintermute in future (on the relationship building side)
“GTX cross-asset trading on a public market ” after stole LPs &friends &institution's money, and lose it all, they get get inspired by ftx and Sam https://twitter.com/...