3AC Founders Launch New Crypto Exchange Zachary to Tackle FTX Aftermath
Three Arrows Capital (3AC) founders Su Zhu and Kyle Davies are making headlines again. Despite their company's ongoing bankruptcy proceedings, they're raising funds to launch a new crypto news exchange, Zachary, in partnership with CoinFlex founders Mark Lamb and Sudhu Arumugam. The exchange aims to tackle the aftermath of FTX's collapse, leaving millions of news customers and creditors without access to billions of dollars.
The new exchange, initially named GTX, is now set to launch as Zachary in February 2023. It's associated with Merkle Science, which specializes in monitoring claim onboarding in bankruptcies like Celsius and Voyager. The exchange's unique proposition is to allow depositors to transfer claims related to the FTX collapse in exchange for an immediate credit in a stablecoin called USDG.
The move comes amidst the ongoing Chapter 15 bankruptcy proceedings of Three Arrows Capital in New York. Zhu and Davies were recently subpoenaed by a bankruptcy court in December for information related to the company's property and finances. Meanwhile, CoinFlex, another partner in this venture, is currently in the process of restructuring.
Zachary, the new crypto news exchange, is positioning itself to address the fallout from FTX's collapse. With backing from 3AC founders and CoinFlex, it aims to provide a solution for depositors seeking to recover their funds. The exchange's launch in February 2023 will be closely watched by the crypto news community, especially given the high-profile nature of the partners involved.
