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OPNX reports a 7-day trade volume average hitting an all-time high of $80M, with 69% of minted $OX locked in staking. (Read More)

OPNX chief Leslie Lamb called out a number of venture capital firms on Twitter after some rushed to distance themselves from the company.

OPNX, a new exchange allowing traders to buy and sell claims against bankrupt firms, has revealed its venture capital backers, including AppWorks, Susquehanna, DRW, MIAX Group, China Merchant Bank International, and Token Bay Capital. The exchange has faced criticism due to its association with the bankrupt 3AC hedge fund, but the company claims it will help make customers of failed crypto…

Three Arrows Capital’s (Third Arrows) founders are seeking funding for their proposed crypto exchange. Known as GTX, this new venture is meant to be a platform that will enable people to buy and sell claims owed to creditors of bankrupt crypto companies. Currently, there is a $20 billion market for such claims. That may make the business viable. The co-founders of Three Arrows, Su Zhu and Kyle…

CoinFLEX could drive up creditor equity value via GTX venture — and rebrand

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CoinFLEX could indirectly compensate its creditors with equity value resulting from the launch of the newly-unveiled GTX exchange, according to a Jan. 16 statement.

The company made several statements suggesting that CoinFLEX creditors, who are currently prevented from fully withdrawing funds, could benefit from GTX.

That value would come from equity. In September, CoinFLEX’s restructuring proceedings determined that users own 65% equity in the company. In light of that development, the company said today that funds spent on GTX should drive up the value of CoinFLEX’s own equity, which should in turn increase the value of equity issued to creditors.

CoinFLEX also said it could rebrand under GTX’s name — or rather, whatever name replaces that placeholder designation. It added that it could launch various other exchanges. All those entities would exist under one holdings company, implying that creditors could gain equity in companies other than CoinFLEX.

CoinFLEX noted that it plans to provide more information about its proposed plans once a partnership or funding round is fully established.

Earlier today, a leaked pitch deck revealed that CoinFLEX’s two main founders, Mark Lamb and Sudhu Arumugam, are raising $25 million for GTX in cooperation with Three Arrows Capital (3AC) founders Su Zhu and Kyle Davies.

Lamb and Arumugam will retain management roles at CoinFLEX. Lamb will specifically maintain his position as CEO, according to CoinFLEX’s statement today.

CoinFLEX said that it posted today’s update to clarify misconceptions about the nature of GTX. Comments elsewhere suggest that CoinFLEX’s users were concerned that the team would move to another exchange that will not include its existing customers and creditors — something that the company has now explicitly denied.

However, complaints from the crypto community seem to be due to the companies’ poor reputation rather than misinformation. All those involved failed badly last summer: CoinFLEX halted withdrawals in late June and soon filed for restructuring. 3AC filed for bankruptcy last July, while Zhu and Davies fled 3AC’s home country (Singapore) shortly after that.

As such, CoinFLEX is unlikely to earn the general crypto community’s trust due to its own insolvency and its decision to work with 3AC’s founders.

Posted In: Bankruptcy, Partnerships

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According to reports, the founders of the now-defunct crypto hedge fund Three Arrows Capital (3AC) are seeking to raise $25 million from investors to start a new crypto exchange called GTX. This solicitation for new capital comes after 3AC co-founders Su Zhu and Kyle Davies were subpoenaed over the social media platform Twitter. Pitch Deck Shows Three Arrows Capital Co-Founders Seek New…

3AC, CoinFLEX co-founders looking to raise $25M for new crypto exchange

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Defunct Three Arrows Capital’s (3AC) co-founders Kyle Davies and Su Zhu — along with CoinFLEX co-founders Mark Lamb and Sudhu Arumugam — are looking to raise about $25 million to launch a new crypto exchange called  GTX.

GTX is designed to help creditors of bankrupt exchanges like FTX, Celsius, BlockFi and Mt.Gox lay claims on their holdings and used the claims for trading.

According to a pitch deck made available to CryptoSlate, the GTX team is looking to raise about $25 million to fully develop the exchange.

The funds will be used to streamline the onboarding process for creditors of bankrupt exchanges.

If the fundraising is completed, GTX said it expects to launch its product by end of February 2023.

The post 3AC, CoinFLEX co-founders looking to raise $25M for new crypto exchange appeared first on CryptoSlate.

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