CoinFLEX said that it will not bear the name GTX after the project received intense mockery on social media due to its name resembling the now-defunct FTX.
What Happened: Su Zhu and Kyle Davies, the founders of the now defunct Three Arrows Capital (3AC), are aiming to raise $25 million in funds with CoinFLEX's Mark Lamb and Sudhu Arumugam to construct a new exchange that would offer customers the possibility of converting their claims related to FTX into a token known as USDG with instantaneous credit.
Social media, however, went irate after reports of Zhu and Davies' pitch deck suggested they planned to name their exchange GTX, resembling FTX — the name of the exchange founded by Sam Bankman-Fried — "because G comes after F."
See More: Best Crypto Day Trading Strategies
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
