After Being Mocked on Twitter, Coinflex Claims the New Exchange With the Founders of 3AC Won’t Use the Moniker GTX

Published on:

Last Updated on January 17, 2023 by Bitfinsider

After a plan to fund $25 million for the project was extensively criticized on Crypto Twitter, Coinflex announced that a proposed exchange for trading claims won’t utilize GTX as its name.

According to a blog post by the business, “Building a marketplace for trading claims (in addition to crypto and potentially other assets) is an evolution of Coinflex’s commitment to building open and transparent financial markets. New funds raised will be used for operational growth, which we strongly believe will increase value for Coinflex creditors.”

It was previously reported that Su Zhu and Kyle Davies, the creators of the defunct cryptocurrency hedge fund Three Arrows Capital, were looking to raise capital alongside Mark Lamb and Sudhu Arumugam, the creators of Coinflex, for a new exchange that would allow depositors to transfer claims relating to the similarly defunct FTX cryptocurrency exchange in exchange for an immediate credit in a token that would be called USDG.

While Wintermute founder and CEO Evgeny Gaevoy cautioned anyone investing in the exchange might find it difficult to work with his firm in the future – “on the relationship building side,” Nic Carter, a founding partner at Castle Island Ventures, compared the latest venture to “arsonists returning to the scene of the crime, hawking buckets of water to their victims.” Wintermute won’t take part in venture rounds where they are included on the cap table, he noted.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: Above are some affiliate links and we may collect a share of sales or other compensation from the links on this page.
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

Related