The pitch deck for the exchange was leaked to the media and had been criticized for involving failed crypto hedge fund Three Arrows Capital.
Amid mounting criticism on social media, crypto investment firm CoinFLEX has attempted to clarify its plans to build a new crypto exchange with Three Arrows Capital (3AC).
A leaked pitch deck on Jan. 16 revealed it was collaborating with the now-bankrupt hedge fund to build a proposed crypto exchange called "GTX" — which would focus on the trading of claims against bankrupt firms.
In a blog post published shortly after, CoinFLEX went on to "clarify misconceptions about the leaked materials concerning the proposed 'GTX' Exchange."
Firstly, CoinFLEX said it won't actually be using the "GTX" name as detailed in the pitch deck, noting that it only serves as a placeholder name for now.
Some members of the community had pointed out its similarities to the name of the recently collapsed crypto exchange "FTX" which was previously run by founder Sam Bankman-Fried.
CoinFLEX added it would be looking at rebranding itself into the new entity, noting that CoinFLEX CEO Mark Lamb and co-founder Sudhu Arumugam will remain involved in the new entity.
Secondly, the firm also attempted to address criticisms about the venture, arguing that building the new exchange would be valuable for both holders of claims and for Coinflex creditors.
CoinFLEX said that any funds raised would be used for operational growth, increasing its equity value for CoinFLEX creditors and shareholders.
"This avenue will not only be an opportunity to serve a large number of existing crypto creditors but, in doing so, will also bring new volumes to the exchange through crypto trading."
“Above all, we are committed to ensuring that any decisions and actions taken by CoinFLEX are in the best interest of CoinFLEX creditors," it added.
The firm was also looking at adding other asset classes to the proposed new entity's offerings, such as equities and bonds.
"Several avenues are being considered for building out regulated venues/exchanges for these assets. Over the last few months, we have made significant progress in discussions with regulators and partners in highly regarded jurisdictions," it stated.
CoinFLEX also clarified that the decision on whether to create the new exchange or not will be made by “the reconstituted board” of the company.
This would include platform depositors, SmartBCH holders or the SmartBCH alliance, Series B holders, and an Independent Director who will be elected by platform depositors with the consent of Series B holders.
It noted that management will abstain from voting on this proposal.
Related: Albright drops lawsuit against Terraform Labs and Do Kwon
Some saw CoinFLEX's plans to start a new crypto exchange with 3AC as controversial because 3AC was itself a firm that went bankrupt while its founders' whereabouts are still unknown.
In a Jan. 16 Twitter post, Ripple's former director of engineering Ripple Nik Bougalis slammed the newly proposed venture, calling it a “scam” due to the involvement of 3AC founders Su Zhu and Kyle Davies
So @zhusu and Kyle Davies are trying to steal more money! One the one hand, I can’t say I’m surprised: scammers gonna scam.
— (@nbougalis) January 16, 2023
But on the other hand, this is so far beyond insane that there’s no word for it. The hubris and arrogance of these pricks truly knows no bounds. https://t.co/h2jpiKPmCr
Meanwhile, the CEO of crypto market maker Wintermute stated that his company will “cancel” anyone who invests in the new exchange.
And since we are talking about cancelling stuff, if you are investing into coinflex/3ac "exchange" you might find it a bit more difficult to work with wintermute in future (on the relationship building side)
— wishful cynic (@EvgenyGaevoy) January 16, 2023
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marcushenderson624
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marcushenderson624
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09.10.25 11:05
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12.10.25 01:12
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12.10.25 21:36
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robertalfred175
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14.10.25 08:46
robertalfred175
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14.10.25 08:46
robertalfred175
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15.10.25 18:07
crypto
Cryptocurrency's digital realm presents many opportunities, but it also conceals complex frauds. It is quite painful to lose your cryptocurrency to scam. You can feel harassed and lost as a result. If you have been the victim of a cryptocurrency scam, this guide explains what to do ASAP. Following these procedures will help you avoid further issues or get your money back. Communication with Marie ([email protected] and WhatsApp: +1 7127594675) can make all the difference.
15.10.25 21:52
harristhomas7376
"In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1
15.10.25 21:52
harristhomas7376
"In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1