DeFiance Capital Breaks Off Relations With Three Arrows Capital

DeFiance Capital, a venture capital firm specializing on web3 technology, has announced in a fresh statement that it has severed ties with the defunct cryptocurrency hedge fund Three Arrows Capital.

DeFiance Capital cuts ties with 3AC

DeFiance Capital formally acknowledged today that it had severed connections with Three Arrows Capital in a statement (3AC).

The company made it clear that none of the assets it manages were raised from 3AC, its founders, or any of its affiliates, and that its founder Arthur Cheong launched the company in 2020, eight years after Kyle Davies and Zhu Su founded 3AC.

The statement goes on to say:

“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.”

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 distances from 3AC also

Not just DeFiance Capital has distanced itself from 3AC. For instance, TPS Capital, previously referred to as the over-the-counter (OTC) trading division of 3AC, announced this week that it is an independent company with different management.

“TPS is an independent legal entity and its operations are separate and distinct from those of 3AC. TPS is run by a separate management team and operates its main count business without the involvement of 3AC or its principals.”

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