What Befell: Kyle Davies and Su Zhu, founders of the now-defunct hedge fund Three Arrows Capital, hope to increase $25 million in seed funding for his or her new challenge “GTX.”

GTX is a crypto exchange, so-named “because G comes after F,” in accordance with the pitch deck.

3AC’s founders are joined by Imprint Lamb and Sudhu Arumugam, who are also listed as GTX founders. Lamb and Arumugam primarily based CoinFLEX, a crypto exchange that filed for restructuring last year.

Are They Extreme? As it looks, sure, very. The new exchange goals to absorb the energy vacuum left by FTX and dominate the market internal 2-3 months of going are residing. Zhu confirmed the strategies to blockchain reporter Colin Wu, announcing he was once “busy constructing it.”

In a November interview with Bloomberg, Zhu mentioned he was once exploring the postulate of developing a new trading entity, nonetheless was once looking out forward to extra dominoes to tumble.

The Market: All people who was once burned by – as Zhu would put it – the dominoes that fell.

GTX plans to present an answer for trading claims for customers who contain funds stuck on FTX, Celsius, BlockFi and even Mt. Gox.

The group of workers estimates a claims market dimension of $20 billion fixed with FTX customers caught in the chapter proceedings presently promoting their claims at 10% of face price for instantaneous liquidity.

Isn’t 3AC Bankrupt Too? Also, sure. Davies and Zhu had been subpoenaed on Twitter earlier this month – a last resort measure employed by 3AC liquidators after a few unsuccessful attempts at contacting the founders.

In a Jan. 11 tweet, Davies described himself as undoubtedly one of 3AC’s collectors who are “frustrated with the chapter project.”

Some industry watchers likened this comeback conception to 1 attempted by bankrupt crypto lender Celsius in September. Celsius is reportedly planning a new firm called “Kelvin,” in accordance with a shut door assembly transcript shared by Tiffany Fong.