Web3-focused venture capital firm DeFiance Capital has released a new statement stating that it has separated itself from the bankrupt crypto hedge fund Three Arrows Capital. DeFiance Capital Cuts Ties With 3AC In a statement released today, DeFiance Capital officially confirmed that it has cut off ties to Three Arrows Capital (3AC). The company clarified that its founder Arthur Cheong created the firm “entirely separate” from 3AC in 2020, eight years after 3AC was founded by Kyle Davies and Zhu Su, and that none of its assets under management were raised from 3AC, its founders, or any of its affiliates. The statement further claims, “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.” Our statement on recent event. pic.twitter.com/UfoJG7qGSG — DeFiance Capital (@DeFianceCapital) July 15, 2022 At one time, DeFiance Capital described itself as a “sub-fund and share class of Three Arrows Capital.” The company website now reads: “DeFiance Capital is not a related company to, and operates independently from, Three Arrows Capital Pte. Ltd. (‘Three Arrows’), which is a Registered Fund Management Company in Singapore.” TPS Also Distances From 3AC DeFiance Capital is not the only company to distance itself from 3AC. For instance, TPS Capital which was once described ...
