It has been claimed that Su Zhu and Kyle Davies, the founders of the now-defunct cryptocurrency hedge fund Three Arrows Capital (3AC), are attempting to raise capital for a new cryptocurrency exchange in cooperation with Mark Lamb and Sudhu Arumugam, the creators of Coinflex. .

It was stated on their pitch deck that they are aiming to fund $25 million. According to the presentation, the name “GTX” has been decided for the new exchange being considered. They plan to exclusively pursue lawsuits against companies that have already filed for bankruptcy.

FTX users are selling their claims for less than 10% of face value to get a quick buck. The alternative is to wait for the bankruptcy to complete the payments, which can take more than ten years.

Unlike other claims exchange operators, GTX would give consumers the ability to use their claims as collateral to trade. They said the planned exchange could fill the power vacuum created by FTX and become regulated markets like the stock Exchange if it were established

Cryptocurrency exchange Coinflex temporarily banned all withdrawals in the month of June, but began accepting certain withdrawals again in July.

During the same month, it filed a lawsuit against an individual user in the Hong Kong court system in an effort to cover an $84 million hole in its balance sheet. It is now going through the reorganization process.

On June 27, 3AC filed for bankruptcy due to unforeseen circumstances, and Su and Davies disappeared. Both are now reportedly residing in Indonesia and the United Arab Emirates, respectively.

In November, Su returned to Twitter and has since been using the platform to make allegations that FTX and Digital Currency Group were involved in a conspiracy to bring about the collapse of 3AC. Following Su and Davies’ refusal to accept service through their lawyers in Singapore, where the company’s headquarters are located, a summons was sent to them via Twitter on January 5.