Summary:
A judge in Singapore has ruled that the $140 million legal dispute between bankrupt crypto hedge fund Three Arrows Capital’s (3AC) liquidators and investment firm DeFiance Capital will be heard in Singapore. The liquidators argue that DeFiance Capital’s assets should be included in the bankruptcy estate for distribution to creditors, while DeFiance Capital insists they should be treated separately and returned to its investors. The judge’s decision takes into account the location of the crypto assets and the substantial creation of the trust in Singapore. The dispute is also being discussed in the British Virgin Islands, which could result in divergent judgments. The assets under contention include cryptocurrencies, NFTs, and SAFE/SAFT contracts.
Key Points:
– The $140 million legal dispute between 3AC’s liquidators and DeFiance Capital will be heard in Singapore.
– The liquidators argue that DeFiance Capital’s assets should be included in the bankruptcy estate, while DeFiance Capital insists they should be treated separately.
– The judge’s decision considers the location of the crypto assets and the trust’s creation in Singapore.
– The dispute is also being discussed in the British Virgin Islands, potentially leading to different judgments.
– The assets under contention include cryptocurrencies, NFTs, and SAFE/SAFT contracts.
Hot Take:
The decision to hear the case in Singapore is a significant development in the $140 million legal dispute between 3AC’s liquidators and DeFiance Capital. It highlights the importance of the location of crypto assets and the establishment of the trust in determining jurisdiction. The outcome of this case will have implications for the distribution of assets and the resolution of similar disputes in the crypto industry. As the dispute continues in multiple jurisdictions, it remains to be seen how divergent judgments will be reconciled and what impact this will have on the parties involved.
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