Su Zhu, founder of Three Arrows Capital, one of the companies that went bankrupt after the chain reaction that followed the bankruptcy of cryptocurrency exchange FTX, has launched an altcoin that is a memecoin.
Promotional posts were published for the altcoin called Three Arrowz Capital (3AC) from Su Zhu's official X account. In addition, his own exchange OX and in addition to this, MEXC and Gateio exchanges decided to list this memecoin.
However, Su Zhu is currently on the run and has not been prosecuted for alleged crimes stemming from his collapsed company Three Arrows Capital. Similarly, Alex Mashinsky, the CEO of then-bankrupt Celsius, is currently in prison in the US.
The 3AC altcoin in question is viewed with skepticism by the cryptocurrency community due to its launch by Su Zhu and being a memecoin.
At the time of writing, the token has been trading on Gateio for around 25 minutes and has shown a 14% decline so far.
*This is not investment advice.