September 21, 2023

DeFiance Capital distances itself from hedge fund Three Arrows Capital

DeFiance Capital distances itself from hedge fund Three Arrows Capital

Venture capital firm DeFiance Capital has declared its operational independence from the process bankruptcy of hedge fund Three Arrows Capital (3AC). In the past, it was positioned as his "sub-fund".

The document says that the founder of DeFianceCapital Arthur Cheong registered a firm "totally independent" from Three Arrows Capital in 2020. A similar definition appears on the company's website.

"Arthur never had a relationship or involvedto 3AC and/or its affiliates. He did not have access to the financial statements and documents of the hedge fund and became aware of his solvency problems in mid-June 2022, when the news was circulated by the media, ” — explained in the message.

DeFiance Capital claims it was a counterparty to 3AC and its liquidation impacted the business, causing damage.

"Arthur Cheong intends to take all necessary steps to protect, preserve and recover all assets that are owned and owned in the context of DeFiance Capital's business", - approved in the document.

Earlier, a similar position was taken by TPS Capital, which positioned itself on LinedIn as the OTC division of Three Arrows Capital.

Recall that in mid-June, Cheong assured investors to continue working against the backdrop of 3AC problems.

According to media reports, the liquidators of Three Arrows Capital are trying to investigate and save the Singapore assets of the bankrupt cryptocurrency hedge fund.

In early July, 3AC filed for bankruptcy in a New York court.

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