Not FTX, but... GTX

TL;DR: Co-founders of 3AC, a notorious, bankrupt crypto lender, and co-founders of CoinFLEX, a crypto platform which had frozen withdrawals in the past, and reported an $84M loss, are trying to raise $25M so they could found a new crypto exchange.

The co-founders of bankrupt company Three Arrows Capital (3AC), along with co-founders of CoinFLEX, are looking to raise about $25 million to launch a new cryptocurrency exchange called GTX.

Let's rephrase that...

Co-founders of 3AC, a company that reached an evaluation of over $4 billion, went abruptly bankrupt, and saw its founders running away and hiding their current whereabouts from the authorities. Together with the founders of CoinFLEX, a crypto company that froze their withdrawals in June, and ended up reporting an $84 million loss, are joining forces to establish a new crypto exchange, with a brand new name that would totally not sound similar and remind of FTX... because It would be called GTX.

You can't make this stuff up. The dream team consists of Kyle Davies and Su Zhu from 3AC, and Mark Lamb, and Sudhu Arumugam from CoinFLEX.

They pitch this GTX thing as something that would help the creditors of bankrupt exchanges such as FTX, Celsius, BlockFi and Mt.Gox claim their assets and use them for trading.

The funds raised will be used to streamline the registration process for creditors of bankrupt exchanges.

They even promised to bring innovation to the market:

"Our legal team will simplify and automate the acceptance of claims on GTX. Unlike competing market operators, GTX will allow clients to use claims as collateral for trading. In addition, the exchange can enter regulated markets, such as the stock market."

Well, what can you say? Dream on. Redemption arcs exist not only in movies.