# What comes after “F”?

**Published by:** [Durwin](https://paragraph.com/@durwin/)
**Published on:** 2023-02-15
**URL:** https://paragraph.com/@durwin/what-comes-after-f

## Content

After the armageddon from FTX, who would name their crypto company GTX?You know what comes after “F” in the alphabet? G! Like top G, G for Gangsta, G for Godlike. G for GTX! That’s the awesome new exchange that promises to allow users to trade their bankruptcy claims. How in the heck? See 2022 saw the implosion of some of the largest crypto companies. From FTX, Celsius, Voyager, 3AC and now even Genesis. It seems in crypto, size don’t mean a thing. You can be the world’s largest crypto exchange and have millions of users trading billions daily. It could all be fraudulent and crumble in a second. So when so many large crypto companies die, they go through bankruptcy.Apparently they managed to secure funding and their new company is called OPNX!What happens to all the users who had money on the exchanges or have funds stuck in the companies? Sounds like a pretty HUGE pain point eh? Opportunistic entrepreneurs love a good pain point to solve. Well, that is exactly what FTX is for. “Building on that base, the pitch deck said the new exchange will fill the “vacuum” left by FTX, adding crypto and eventually stocks”. They aim to allow monetise the IOUs that those bankrupt companies gave you by letting you trade them with others who believes that it will be worth more in the future. “The co-founders estimate that there’s about $20 billion in the crypto claims market, noting that GTX “unlocks” funds from the embattled FTX and Celsius trading firms “for immediate trading.” Zhu tells The Wall Street Journal that 3AC creditors will “have the option to convert their claims into equity in the new claim-trading company.””Actual resume of the founders of OPNX.Theoretically, it doesn’t sound that bad. We have to ask: how will they even verify the claims? It might work. An infinitesimal chance it might play out. Except until you realise who the founders are. They are the founders of 3AC and CoinFlex. 3AC crashed and burned like the meteorite that wiped out the dinosaurs, impaling a $3.5B hole in the ecosystem. CoinFlex also imploded, owing millions and pausing customer withdrawals. Fun fact: Su Zhu and Kyle Davies from 3AC are the first known people on the planet to be ever subpoenaed via a Tweet!All the best news comes from Tweets.That is because they are currently on the run and incredibly hard to get hold of. Meanwhile, amidst all these drama, they can still start a new company, pitch for $25M and have a never-say-die spirit! Seems like all the bad actors in crypto have an indomitable attitude and a fighting spirit like no other. Taking the fact that they are trying to start a company to solve a rather peculiar and acute pain point that might only work in such a trying time, they are trying to raise funds “ASAP”. I am deeply curious as to who would be degen enough to give them the funding. This is cryptoland, there will be funders and VCs willing to take a crazy, ridiculous bet, however irrational and illogical it may be. Let the dice roll and see who would be reckless enough to do so shall we? At this point, I am really impressed with how things turn out in the crypto market.Only in crypto, you can get such ludicrously amazing ideas.There really isn’t a dull day. You learn something new every time. The bear market is for builders. Even embattled cofounders with dirty track records and imploded companies can revive like phoenix from the ashes. You better not give up. Keep hustling and building. *Apparently they renamed their company to OPNX! - Should we give failed crypto founders a second chance? - #startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #eth #btc #crypto #sifu #sifutoken #quadrigacx #NFT #profits #meme #tvl #defi

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