{"id":539744,"date":"2023-01-17T02:23:48","date_gmt":"2023-01-16T23:23:48","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/coinflex-clarifies-position-on-possible-new-3ac-project-amid-backlash\/"},"modified":"2023-01-17T02:23:48","modified_gmt":"2023-01-16T23:23:48","slug":"coinflex-clarifies-position-on-possible-new-3ac-project-amid-backlash","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/coinflex-clarifies-position-on-possible-new-3ac-project-amid-backlash\/","title":{"rendered":"# CoinFLEX clarifies position on possible new 3AC project amid backlash"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2e207097939\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2e207097939\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/coinflex-clarifies-position-on-possible-new-3ac-project-amid-backlash\/#%E2%80%9D_CoinFLEX_clarifies_position_on_possible_new_3AC_project_amid_backlash_%E2%80%9C\" >&#8221; CoinFLEX clarifies position on possible new 3AC project amid backlash &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_CoinFLEX_clarifies_position_on_possible_new_3AC_project_amid_backlash_%E2%80%9C\"><\/span>&#8221; CoinFLEX clarifies position on possible new 3AC project amid backlash &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDEvZmZjMjg2ZTQtMGNlZi00NTc3LWJjODctN2MyZDcyZTcwYTdkLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a4050f8>Amid mounting criticism on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a>, crypto investment firm CoinFLEX has attempted to clarify its plans to build a new crypto exchange with Three Arrows Capital (3AC).<\/p>\n<p>A leaked pitch deck on Jan. 16 revealed it was collaborating with the now-bankrupt hedge fund to build\u00a0a proposed crypto exchange\u00a0called &#8220;GTX&#8221; \u2014 which would focus on the trading of claims against bankrupt firms.\u00a0<\/p>\n<p>In a blog post published shortly after, CoinFLEX went on to &#8220;clarify misconceptions about the leaked materials concerning the proposed &#8216;GTX&#8217; Exchange.&#8221;<\/p>\n<p>Firstly, CoinFLEX said it won&#8217;t actually be using the &#8220;GTX&#8221; name as detailed in the pitch deck, noting that it only serves as a placeholder name for now.\u00a0<\/p>\n<p>Some members of the community had pointed out its similarities to the name of the recently collapsed crypto exchange &#8220;FTX&#8221; which was previously run by founder Sam Bankman-Fried.\u00a0<\/p>\n<p>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.<\/p>\n<p>Secondly, the firm also attempted to address criticisms about the venture, arguing that building the new exchange would be\u00a0valuable for both holders of claims and for Coinflex creditors.<\/p>\n<p>CoinFLEX said that any funds raised would be used for operational growth, increasing its equity value for CoinFLEX creditors and shareholders.<\/p>\n<blockquote><p>&#8220;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.&#8221;<\/p><\/blockquote>\n<p> \u201cAbove all, we are committed to ensuring that any decisions and actions taken by CoinFLEX are in the best interest of CoinFLEX creditors,&#8221; it added.\u00a0<\/p>\n<p>The firm was also looking at adding other asset classes to the proposed new entity&#8217;s offerings, such as equities and bonds.\u00a0<\/p>\n<p>&#8220;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,&#8221; it stated.<\/p>\n<p>CoinFLEX also clarified that the ultimate decision on whether to create the new exchange or not will be made by \u201cthe reconstituted board\u201d of the company.\u00a0<\/p>\n<p> This would include platform depositors, SmartBCH holders or the SmartBCH alliance, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">Series<\/a> B holders, and an Independent Director who will be elected by platform depositors with the consent of Series B holders.\u00a0<\/p>\n<p>It noted that management will abstain from voting on this proposal.\u00a0<\/p>\n<p><strong>Related: <\/strong><strong>Albright drops lawsuit against Terraform Labs and Do Kwon<\/strong><\/p>\n<p>Some saw CoinFLEX&#8217;s plans to start a new crypto exchange with 3AC as controversial because 3AC was itself a firm that went bankrupt while its founders&#8217; whereabouts are still unknown.<\/p>\n<p>In a Jan. 16 Twitter post, Ripple&#8217;s former director of engineering Ripple Nik Bougalis slammed the newly proposed venture, calling it a \u201cscam\u201d due to the involvement of 3AC founders Su Zhu and Kyle Davies<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">So <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/zhusu?ref_src=twsrc%5Etfw\">@zhusu<\/a> and Kyle Davies are trying to steal more money! One the one hand, I can\u2019t say I\u2019m surprised: scammers gonna scam.<\/p>\n<p>But on the other hand, this is so far beyond insane that there\u2019s no word for it. The hubris and arrogance of these pricks truly knows no bounds. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/h2jpiKPmCr\">https:\/\/t.co\/h2jpiKPmCr<\/a><\/p>\n<p>\u2014 \u200a\u200a\u200a (@nbougalis) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/nbougalis\/status\/1615024369289564160?ref_src=twsrc%5Etfw\">January 16, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Meanwhile, the CEO of crypto market maker Wintermute stated that his company will \u201ccancel\u201d anyone who invests in the new exchange.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">And since we are talking about cancelling stuff, if you are investing into coinflex\/3ac &#8220;exchange&#8221; you might find it a bit more difficult to work with wintermute in future (on the relationship building side)<\/p>\n<p>\u2014 wishful cynic (@EvgenyGaevoy) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/EvgenyGaevoy\/status\/1614984548886155271?ref_src=twsrc%5Etfw\">January 16, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/coinflex-clarifies-position-on-possible-new-3ac-project-amid-backlash\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; CoinFLEX clarifies position on possible new 3AC project amid backlash &#8220; 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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":539745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/ffc286e4-0cef-4577-bc87-7c2d72e70a7d.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74863,117,73711,55229],"class_list":["post-539744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrencies","tag-business","tag-investments","tag-law"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/539744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=539744"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/539744\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/539745"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=539744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=539744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=539744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}