GTX: A New Beginning for 3AC & CoinFLEX Founders Amid Criticism

Out of the blue, the founders of the fallen 3AC, Su Zhu and Kyle Davies have collaborated with the founders of CoinFLEX, Mark Lamb and Sudhu Arumugam, to launch a new project called “GTX.” This surprising collaboration also focuses on raising a seed fund of $25 million to trade claims from creditors.

Crypto journalist Wu Blockchain reported that Su Zhu had acknowledged the news. However, the co-founders of the fallen 3AC responded, “Yes, no comment, just busy building it.” Moreover, CoinFLEX took the time to express their opinions about GTX in their blog, and elucidated:

We could rebrand CoinFLEX into this new entity. We will not use GTX; it currently serves as a placeholder name. We are also looking at creating exchanges for other asset classes which will have their own entities and brand names.

Furthermore, CoinFLEX explained that any funds raised will be used to grow the company and its equity value for shareholders, including its creditors. CoinFLEX was also optimistic in mentioning that CoinFLEX creditors/Series B will be the largest class of shareholders.

However, the crypto community was enraged after knowing that the fallen 3ACs founders’ involvement in the new project. One of the biggest market makers, the CEO of Wintermute furiously stated, “If you are investing into CoinFLEX/3AC ‘exchange’ you might find it a bit more difficult to work with Wintermute in the future.”

Many members across the crypto space had called the 3AC founders scammers, indicating the new project would be a scam too. Another crypto analyst, FatMan, pointed out that making fast money on leverage takes zero skill. The crypto analyst further warns the crypto community that the 3AC founders are still scammers.