3AC founders plan to raise $25 million for a new project, reports say.

The founders of Three Arrows Capital (3AC), Su Zhu and Kyle Davies, intend to raise $25 million to launch a cryptocurrency exchange. The Block reports, citing two project presentations.

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According to the publication, the platform will be named GTX. Zhu and Davies allegedly are collaborating with CoinFLEX co-founders Mark Lamb and Sudhu Arumugam.

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According to journalist Colin Wu, this is a platform \”for trading creditors’ claims.\” Zhu declined to comment, saying he was \”busy with its creation.\”

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The Deck pic.twitter.com/5UMjPZnAnA

— Wu Blockchain (@WuBlockchain) January 16, 2023

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In July 2022, 3AC filed for bankruptcy in a New York court. According to Nansen, the organisation managed assets worth about $10 billion.

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Information about the insolvency of Three Arrows Capital appeared after the crypto market crash and the Terra collapse in May.

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In late June, the Virgin Islands High Court ordered the liquidation of the hedge fund. The case drew in partners from the consulting firm Teneo Restructuring.

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Later, Zhu and Davies attributed the collapse of 3AC to their own excessive self-confidence.

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In December, the liquidators of Three Arrows Capital recovered assets belonging to the hedge fund in banks in Singapore, and also filed a petition to sell a $30 million superyacht.

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