The founders of 3AC, who are currently on the run, are raising $25M for a new crypto exchange called (no joke) GTX.

Su Zhu and Kyle Davies, the founders of collapsed crypto hedge fund Three Arrows Capital (3AC), are hoping to raise $25 million to start a new crypto exchange called GTX, according to two separate pitch decks obtained by The Block.

News of the fundraise comes two months after exchange giant FTX imploded, leaving more than a million creditors out of pocket. The new exchange takes advantage of the situation offering depositors the ability to transfer their FTX claims to GTX and receive immediate credit in a token called USDG, the pitch deck said.

The exchange’s name is even a spin on “FTX,” with one of the GTX pitch decks opening with the line “because G comes after F.”

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