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11 Tweets Jan 30, 2023
๐Ÿฏ๐—”๐—– ๐—ณ๐—ผ๐˜‚๐—ป๐—ฑ๐—ฒ๐—ฟ๐˜€ ๐—ฎ๐—ฟ๐—ฒ ๐—ฏ๐—ฎ๐—ฐ๐—ธ ๐˜„๐—ถ๐˜๐—ต ๐—ฎ๐—ป๐—ผ๐˜๐—ต๐—ฒ๐—ฟ ๐—ฒ๐˜…๐—ฐ๐—ต๐—ฎ๐—ป๐—ด๐—ฒ๐Ÿคก
๐Ÿงต๐Ÿ‘‡
[1/11]
[2/11]
โ™ฆ๏ธ #3AC co-founders Su Zhu and Kyle Davies, along with CoinFLEX co-founders, want to launch their own crypto exchange named "GTX." ๐Ÿ˜ฏ
[3/11]
โ™ฆ๏ธ They are seeking $25 million from investors ๐Ÿง
โ™ฆ๏ธ GTX aims to be a public marketplace for crypto claims.
[4/11]
โ™ฆ๏ธ Zhu and Daviesโ€™ crypto hedge fund, 3AC, blew up in June 2022 after #Terra collapse, triggered massive contagion within the crypto industry and forcing several crypto lenders into bankruptcy ๐Ÿคฏ
[5/11]
โ™ฆ๏ธ3AC owed $2.3 billion to crypto lender #Genesis .
โ™ฆ๏ธ Crypto exchange #CoinFLEX also filed for restructuring last year in September.
[6/11]
โ™ฆ๏ธ #GTX centers on the idea of trading cryptocurrency claims owed to creditors hit by the collapse of numerous crypto-related ventures, around $20 billion market.
[7/11]
โ™ฆ๏ธ It claims that platform will โ€œfill the power vacuum left by #FTXโ€ and โ€œappeal to the #crypto trading appetite of claim holders.โ€
[8/11]
โ™ฆ๏ธ In November, FTXโ€™s new CEO estimated there could be anywhere from 100,000 to over 1 million creditors that could have claims in FTXโ€™s bankruptcy.๐Ÿ˜–
[9/11]
โ™ฆ๏ธ GTX also wants to attract the creditors of other bankrupt companies, too, including #Celsius and #BlockFi, and even of Mt. Gox.
[10/11]
Will you trust the 3AC guys again and trade on GTX โ“๐Ÿ‘‡
[11/11]
For such more threads follow @cillionaire_com
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