EXCLUSIVE: 3AC founders Zhu and Davies pitch to raise $25 million for new crypto exchange
executives including the firm’s general counsel and chief technology officer, per one of the decks.technology to build the exchange and a legal team will be responsible for overseeing the onboarding of claims for all the recent crypto bankruptciesLamb declined to comment on the fundraising efforts. Davies didn't immediately respond to a request for comment.
The exchange is looking to launch as soon as possible — potentially as soon as February — and is estimating that the claims market is worth around $20 billion, according to theof the Terra ecosystem left it facing significant losses. The financial advisory firm Teneo has been handling the liquidation of 3AC’s assets and the hedge fund has filed for Chapter 15 bankruptcy in New York.
In December, the court authorized issuance of subpoenas to Zhu and Davies to turn over any"recorded information, including books, documents, records, and papers" relating to Three Arrows Capital's property or finances.Zhu and Davies both went quiet for some time after the hedge fund’s collapse but both since resurfaced on social media as of late. They are believed to be in Dubai and Bali, respectively.
Disclaimer: Beginning in 2021, Michael McCaffrey, the former CEO and majority owner of The Block, took a series of loans from founder and former FTX and Alameda CEO Sam Bankman-Fried. McCaffrey resigned from the company in December 2022 after failing to disclose those transactions.© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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