• John Reed Stark mocks bankrupt Three Arrow Capital and CoinFlex’s new enterprise.
• The partnership is trying to elevate $25 million to fund a brand new change based mostly on claims buying and selling.
• The change will supply FTX collectors the chance to switch their claims to GTX.

John Reed Stark of John Reed Stark Consulting LLC retweeted a publish on January 17, saying a collaboration between bankrupt crypto hedge fund Three Arrows Capital (3AC) and fallen change CoinFLEX to energy a brand new cryptocurrency change.

He mocked the partnership, including that such a collaborative enterprise between two bankrupt entities will solely be potential in an “the wrong way up world of crypto.” He additional shares that no matter will come subsequent shall be much more “mind-boggling,” resembling “Elizabeth Holmes elevating cash to begin a brand new drug manufacturing agency?”

The unique tweet was posted by Jacob Silverman, a crypto and finance journalist, and CEO of Kroll. Alongside sharing the headline of the brand new enterprise, he talked about that each the 3AC Digital founders have been residing in non-extradition nations because the collapse of their enterprise.

In response to two separate pitch decks, the founders Su Zhu and Kyle Davies, alongside CoinFlex’s Mark Lamb and Sudhu Arumugam, are pitching buyers on a brand new claims trading-focused crypto change and making an attempt to fund $25 million “asap.”

Moreover, the change named GTX is aiming to supply depositors who’re out of pocket after the FTX meltdown the prospect to switch their FTX claims to GTX and obtain speedy credit score in a token known as USDG.

Furthermore, GTX’s government workforce additionally consists of a number of CoinFlex executives, together with the platform’s basic counsel and chief expertise officer. Alongside CoinFlex’s workforce and expertise, GTX can even make use of a authorized workforce that may oversee the onboarding of claims for all the most recent crypto bankruptcies, together with Celsius and Voyager.