Head shaking news. Founders of Coinflex and 3Arrows will start a new exchange!

[bbc.reporter]

They will also call their exchange GTX hehehehehe. The cryptospace is a comedy show that never stops to give us funny jokes and it is being run by the most funny jokers, hustlers, weirdos and criminals. Someone might tell me that I am being antagonistic again and they will say that Wall Street also being run by criminals. Agreed, however, there is a difference. The criminals in Wall Street are those who rule the country, the criminals in the cryptospace are the jokers and the hustlers who founded crypto companies.



Su Zhu and Kyle Davies, the founders of collapsed crypto hedge fund Three Arrows Capital (3AC), are hoping to raise $25 million to start a new crypto exchange called GTX, according to two separate pitch decks obtained by The Block.

News of the fundraise comes two months after exchange giant FTX imploded, leaving more than a million creditors out of pocket. The new exchange takes advantage of the situation offering depositors the ability to transfer their FTX claims to GTX and receive immediate credit in a token called USDG, the pitch deck said.

The exchange’s name is even a spin on “FTX,” with one of the GTX pitch decks opening with the line "because G comes after F."

Read in full https://www.theblock.co/post/202589/3ac-zhu-davies-new-crypto-exchange

[malcovi2]

I guess selling t-shirts isnt enough for him and now he decided that he will partner with another person who is running a ponzi defi.

What could go wrong...

[logfiles]

Agreed, however, there is a difference. The criminals in Wall Street are those who rule the country, the criminals in the cryptospace are the jokers and the hustlers who founded crypto companies.

The Politicians or rulers are criminals too, except that they are "legalized criminals"  
They are all the same, I mean SBF funded his fellow criminals in the form of donations and if it wasn't for the FTX implosion, most of us would have let it slide.

It's why Su Zhu and Kyle Davie are still scot-free, even after leading to massive financial losses to people who trusted their hedge fund. Imagine if it was someone ordinary, they would be behind bars by now.

[Darker45]

On the one hand, we have poor Alexey Pertsev lingering in jail for developing an open-source and decentralized mixer for everybody's privacy. On the other, we have Sam Bankman-Fried, Do Kwon, Su Zhu, Kyle Davies, among a number of others who misuse and even steal people's hard-earned money not only free but also able to plan or even pursue new projects to probably steal some more. This is another confirmation that our justice system has never been about justice. But if this is the result of the market being unregulated, then by all means I welcome regulation.

[PX-Z]

Wow, after the mismanagement of their old company they still have guts to do this. Only stupid investors will invest this coming exchange they are trying to make. I don't even know if they settled all of their old company's creditors before doing this stupid move.

[livingfree]

I just hope that people won't trust them anymore, having or not having a new management I just wish to see that people have learned the lesson already.

The impression remains forever in the minds of everyone on how it was mismanaged.

Why these people are still allowed to operate despite on what they've got on their history? Please, people just stop supporting and using such platforms that will suck your hard earned money.

[Darker45]

Wow, after the mismanagement of their old company they still have guts to do this. Only stupid investors will invest this coming exchange they are trying to make. I don't even know if they settled all of their old company's creditors before doing this stupid move.

I just hope that people won't trust them anymore, having or not having a new management I just wish to see that people have learned the lesson already.

The impression remains forever in the minds of everyone on how it was mismanaged.

Why these people are still allowed to operate despite on what they've got on their history? Please, people just stop supporting and using such platforms that will suck your hard earned money.

Is it enough to say "only stupid investors will invest this coming exchange" and "I just hope that people won't trust them anymore" or we need a clear-cut policy that prevents GTX and the like to even start.

Sometimes, I'm really confused which is better, to strictly regulate the space and, therefore, not allow these scumbags to develop another scam project or make the market free and, therefore, allow them to freely rise and fall. It is either to let the consumers learn their lessons the hard and costly way or let agencies intervene and nip these scams in the bud. It is either we rely on people's vigilance and sound discernment or we allow powerful authorities to deprive scammers to even launch a project. It is between letting the innocent and naïve realize their failures or let the government protect their gullibility.

[PX-Z]

Is it enough to say "only stupid investors will invest this coming exchange" and "I just hope that people won't trust them anymore" or we need a clear-cut policy that prevents GTX and the like to even start.

If these scumbags successfully filed a bankcruptcy protection then probably they have still on their sleeves for another round.
That's why investors should be wary to invest again to whatever kind of projects of these two. Better just to avoid them.

[Wapfika]

Surprisingly, There’s still a lot of interested investor when you visit the social media since many noob still think that this is very good investment opportunity if you can onboard early. This kind of thinking is what makes crypto market a shit show. People is still taking the risk even with the obvious scam attempt just because the people behind came from huge company.

I’m sure this project will still raised that max capped considering how dumb the crypto community just to chase profit quickly despite the high risk involved.

[livingfree]

I just hope that people won't trust them anymore, having or not having a new management I just wish to see that people have learned the lesson already.

The impression remains forever in the minds of everyone on how it was mismanaged.

Why these people are still allowed to operate despite on what they've got on their history? Please, people just stop supporting and using such platforms that will suck your hard earned money.

Is it enough to say "only stupid investors will invest this coming exchange" and "I just hope that people won't trust them anymore" or we need a clear-cut policy that prevents GTX and the like to even start.

Sometimes, I'm really confused which is better, to strictly regulate the space and, therefore, not allow these scumbags to develop another scam project or make the market free and, therefore, allow them to freely rise and fall. It is either to let the consumers learn their lessons the hard and costly way or let agencies intervene and nip these scams in the bud. It is either we rely on people's vigilance and sound discernment or we allow powerful authorities to deprive scammers to even launch a project. It is between letting the innocent and naïve realize their failures or let the government protect their gullibility.

As for the clear cut, this will vary where they're going to launch. But this is the essence of the market itself that they're free from restrictions if they're clear from the past ruckus they've made, although are they really free?

I understand your sentiment and it sucks that these companies will just to relaunch after getting f***** with their customers fund. I'm sure that many have learned the lesson the hardest way.

And in good will that they'll just stop supporting them because the government can't do such if they'll reason out they've gone through the process of their relaunch legally.

[stompix]

The exchange’s name is even a spin on “FTX,” with one of the GTX pitch decks opening with the line "because G comes after F." [/i]

FTX was short for Futures exchange, what's GTX standing for, Garbage exchange?
I can already see people nicknaming this in every possible way, Grand Theft Exchange is probably the best one yet!

As I already mentioned in a topic, it wasn't the model of FTX that was problematic and triggered the collapse, it was the idiots that made a mess of everything and loaned and spent funds without thinking twice or even once, in this case, it starts with the problem, the guys in charge of it being the same that caused the problems, so a new exchange with the same people is just as worse. FTX without them and SBF is one thousand times better than any clone launched by the former teammates.

Su Zhu and Kyle Davies, the founders of collapsed crypto hedge fund Three Arrows Capital (3AC), are hoping to raise $25 million to start a new crypto exchange called GTX, according to two separate pitch decks obtained by The Block.

And since we live in a world that sometimes resembles a madhouse, probably they will get that money immediately! When people throw million at Ponzi schemes, investor bail out three times in a year a company with no product whatsoever, what's $25 million on a project like one hundred others? Just wait for it, in a few months we will get the news about successful funding and I would not raise an eyebrow if in the list of those backers you'll see companies that have lost money over FTX.