The High Court of Singapore has dismissed Three Arrows Capital’s (3AC) plea to throw out a legal challenge by DeFiance Capital. This decision paves the way for DeFiance, led by founder Cheong Jun Yoong, to press on with its claims.
Trust at the Heart of the Matter
The court recognized a legitimate trust relationship, confirming that DeFiance Capital’s investors are the rightful beneficiaries of certain assets. Cheong’s argument, stressing that these assets should not be liquidated to settle 3AC’s debts, found favor with the judiciary.
The dispute traces back to an agreement between Cheong and 3AC co-founders Su Zhu and Kyle Davies, aiming to launch an independent fund under the 3AC umbrella. This arrangement soured when 3AC, embroiled in financial turmoil, failed to transfer agreed-upon assets before declaring bankruptcy in July 2022.
With the court’s recent ruling, DeFiance Capital is a step closer to reclaiming control over its assets. The case underscores the intricate dynamics within the crypto investment world and signals a vigilant stance by legal authorities on trust and ownership issues.
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