CoinFLEX Retracts FTX-Like Name For Crypto Exchange Project After Online Backlash

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."

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So @zhusu and Kyle Davies are trying to steal more money! One the one hand, I can’t say I’m surprised: scammers gonna scam.

But on the other hand, this is so far beyond insane that there’s no word for it. The hubris and arrogance of these pricks truly knows no bounds. https://t.co/h2jpiKPmCr

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