3AC’s Su Zhu Rebuttals Amid The Dispute $140M Fund Ownership With DeFiance Capital
A clash has erupted between DeFiance Capital and the liquidator of 3AC, a cryptocurrency investment fund, as both parties vie for control over a $140 million fund. The dispute centers around the ownership and distribution of the funds collected from their joint venture. In response to the ongoing dispute, Su Zhu, founder of Three Arrows Capital, released a statement on Twitter emphasizing the separation of DeFiance Capital (DC) and Starry Night Capital (SNC) funds from other pools of capital at Three Arrows Capital Ltd (TACL).
The statement clarified that the DC and SNC assets should be treated as segregated funds and were not actively managed by TACL directors. DeFiance Capital, a prominent decentralized finance (DeFi) investment firm founded by Arthur Cheong, alleges that the liquidator, Teneo, is overstepping its bounds by attempting to lay claim to the funds gathered through a collaboration between the two entities. However, 3AC counters these claims. The liquidator, Teneo, argues that the funds should be considered part of the 3AC estate and be distributed to settle debts. This contention arises from 3AC’s announcement of bankruptcy and subsequent liquidation due to losses suffered during the May 2022 cryptocurrency market crash.
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