Fresh off their cascading bankruptcies, the former leaders of investment fund 3AC are already in the saddle for a new rodeo. In perspective, the creation of a “new crypto exchange”, a project for which 25 million dollars of fresh money would be needed and on which the multiple victims of the serial collapses of thehorrible year 2022 could presumably partially liquidate their debts, in exchange for a “new” token. And if the idea seems far from having triggered the hoped-for wave of enthusiasm, it will also be because they are in full collective recovery after the disaster FTP extension someone had the brilliant idea of christening the thing… GTX.
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It is definitely the week of complete disconnection from reality for the small but still buzzing crypto ecosystem.
Do you remember the former boss of OneCoinon the run since 2017 and among the most wanted people in the world, who coincidentally is trying to recover his luxurious London penthouse funded by scamming thousands of people? Now it’s the turn of the former leaders of the 3AC Investment Fund to demonstrate a total lack of discernment in the perception of the business, and more generally a total lack of tact which speaks volumes about the great nonsense that still reigns in what are the “high echelons” of the industry.
In a fit of uninhibited ambition that would almost make a Fried Sam Bankman (still a master of the past in the subtle art of mythomaniac movement), Su Zhu and Kyle Davies, the former leaders of the crypto investment fund Capital of the three arrows presented a new project to investors, with the support of the CoinFlex platform.
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GTX: This time it’s different (probably not)
Consulted in particular by the US media The Block, the pitch deck of the project is one of the most classic, on an industrial scale.
The cryptocurrency exchange project therefore promises to do just that “to dominate the industry” and it exposes a model which we will recognize the merit of a certain originality (who said “opportunism”?): offering the numerous victims of the various recent collapses to exchange their credits against a token, referred to under the name of USDG.
We don’t have many more details at the moment, even if the mechanics are reminiscent of what already exists around the MtGox debt buyback (in essence, they exchange their promissory notes for a modest fraction of their theoretical value, entrusting the new creditor with dealing with a possible subsequent repayment with a process that is most often long and complex).
But what will particularly attract attention and make you laugh (yellow) is that the exchange comes with its provisional name: GTX
And I don’t see any embarrassment or the slightest mistake of appreciation regarding the semantic closeness with FTX, the initiators of the thing are even proud of it and explain in their documentation “that after the “F”, we find the “G”! “. Let’s hope that among the 25 million, those interested have planned to hire an IT and marketing consultant.
A platform baptized “like FTX, but it’s different”, a smoky token, all carried by returning businessmen who would have preferred to remain discreet and silent in their luxury apartments in Dubai… definitely the set can only give confidence for the future of the GTX initiative (although we have no doubt that the project is still capable of attracting crowds, the little crypto story being an eternal reboot).
Ah, and at the last minute, the partner platform CoinFlex, under fire from criticism, especially from its own community, ended up partially disassociating itself from this sulfurous file, speaking of a “joke” regarding this first name that did not finish to talk about him.
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