Logo
Cardano Ecosystem

The Defiant

07/15/2022

·

676 views


DeFiance Founder Had ‘No Visibility’ on Three Arrows’ Condition: Statement

Investment Firm Says It's Been 'Materially Affected' by Hedge Fund's Failure

DeFiance Founder Had ‘No Visibility’ on Three Arrows’ Condition: Statement

DeFiance Capital said it has been “materially affected” by the liquidation of Three Arrows Capital in a statement released Friday. The investment firm sought to distance founder Arthur Cheong from the failed $10B crypto hedge fund. 

“Arthur Cheong is committed to taking all necessary steps to protect, preserve and recover all assets which are and were owned in the context of DC’s business,” the statement read. 

Heavy Losses

A court in the British Virgin islands placed Three Arrows into liquidation at the end of June. The fund, which championed the idea of a “super-cycle” that would make Bitcoin and other digital tokens worth millions of dollars, suffered heavy losses from the collapse of the Terra network in May.

DeFiance Capital sought to distance Cheong from Three Arrows co-founders Kyle Davies and Su Zhu, emphasizing that Cheong had never managed Three Arrows or any of its affiliate companies. 

Solvency Problems

“Arthur Cheong has had no access to and consequently no visibility on 3AC’s financial statements and/or financial condition and only became aware of 3AC’s solvency problems around the time the news became public in mid-June 2022,” the statement reads. 

None of DeFiance’s assets under management “were raised from 3AC, its founders, or any of its affiliates,” according to the statement. 

Founded in 2020, DeFiance is a crypto investment firm that focuses on decentralized finance and GameFi. It backs dYdX, Aave and Lido, among other projects, according to its website

AD

Proposals Catalyst F14 - Cast your vote, search "Otavio" in the Voting App.

If you are you using your ADA to vote in Cardano’s Project Catalyst don’t forget to voice your vote. We would be excited if you can see, comment, share and vote for us. Tip: To find them its easiest to search for "Otavio"Vote for Us


Read Original Article on The Defiant

ORIGINAL SOURCE

https://thedefiant.io/defiance-founder-h...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


More from The Defiant

See more
Synapse to Roll Out Blockchain as Part of Major Upgrade
The Defiant
Synapse to Roll Out Blockchain as Part of Major Upgrade

07/31/2022

·

1.1K views

Related News

See more
Banner-Tech-Summit-Rio

Voting for Us - Catalyst Fund 14

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)