The co-founders of the defunct three arrows capital hedge fund (3AC), Su Zhu and Kyle Davies, have announced plans to launch a new crypto exchange named GTX. According to Zhu, GTX will function as a claim-based crypto exchange where victims of bankrupt crypto projects can trade their claims for ready equity.

In a pitch deck released to the public on Monday, Zhu and Davies are in search of $25 million in funding to get GTX running “asap’ this February.

With over $15 Billion in liquidation claims due for settlement over the last five years, Zhu believes crypto needs a claim management project to improve its ecosystem. Many creditors of the defunct Mt. Gox are still yet to receive their claims after the exchange officially filed for Bankruptcy nine years ago.

With both founders on the watchlist of the US Commodities and Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) and facing a subpoena from Teneo, 3AC’s liquidating company, the news of its new GTX exchange is seen by many as a subtle effort to raise capital and exit their burdening bankruptcy obligations.