The founder of DeFiance had ‘no visibility’ in terms of the three arrows: Statement – The Defiant

In a statement released Friday, Defiance Capital said it was “materially affected” by the liquidation of Three Arrows Capital. The investment firm wanted to keep founder Arthur Cheung away from the failed $10B crypto hedge fund.

“Arthur Cheung is committed to taking all necessary steps to protect, preserve and restore all assets owned and operated by DC,” the statement said.

heavy losses

A court in the British Virgin Islands placed Three Arrows into liquidation at the end of June. The fund, which champions the idea of ​​a “super-cycle” that would make bitcoin and other digital tokens worth millions of dollars, suffered heavy losses in May following the collapse of Terra Networks.

Defiance Capital sought to distance Cheong from Three Arrows co-founders Kyle Davis and Su Zhu, insisting that Cheong had never managed Three Arrows or any of its affiliates.

Solvency problem

“Arthur Cheong had no access to and consequently no visibility into 3AC’s financial statements and/or financial condition and became aware of 3AC’s solvency problems when the news broke in mid-June 2022,” the statement said.

None of DeFiance’s assets under management originate from 3AC, its founders or any of its affiliates, the statement said.

Founded in 2020, DeFiance is a crypto investment firm focused on decentralized finance and gamification. It supports dYdX, Aave and Lido among other projects, according to its website.

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