After a week of turbulence in the crypto markets, Arthur Cheong, founder of DeFi and web3-focused venture capital firm DeFiance Capital, swore that his company is “not done.” “We are not done and are actively working to resolve the situation. My and our team’s behaviour and action are consistent, and this will not change,” Cheong tweeted to his nearly 140,000 Twitter followers on Friday. “We are courageous adults,” he added in a second post shortly after. We are not done and is actually actively working to resolve the situation. My and our team behaviour and action is consistent and this will not change. — Arthur (@Arthur_0x) June 17, 2022 Celsius suspends Client Withdrawals It’s been a tough week for crypto markets, with lending company Celsius suspending client withdrawals, bitcoin falling below $21,000 for the first time in 18 months, and Tron’s Decentralized USD (USDD) stablecoin entering its sixth day without a dollar peg. Amid the turmoil, investors have been speculating about which companies would go bankrupt, including crypto hedge fund Three Arrows Capital. According to its website, Three Arrows Capital assisted Cheong in establishing DeFinance Capital, which “operates as a sub-fund and share class of Three Arrows Capital.” 😢 — Arthur (@Arthur_0x) June 15, 2022 DeFiance Capital is a significant Web 3 and crypto venture capital business that invests in Decentralised Finance (DeFi) and Web 3 gaming worldwide. The fund ...
