The High Court of Singapore Rejects Plea to Dismiss Lawsuit
The High Court of Singapore has denied a request from the now-defunct crypto hedge fund Three Arrows Capital (3AC) to dismiss a lawsuit filed against them by DeFiance Capital. The court ruled in favor of DeFiance Capital in their $140 million dispute with 3AC and ordered 3AC to pay legal fees.
Background of the Dispute
DeFiance Capital has been engaged in a year-long dispute with 3AC, which filed for bankruptcy in June 2022. 3AC claimed that the assets belonging to DeFiance Capital should be paid to their creditors. However, the court determined that DeFiance Capital had independent control over their assets, despite them being placed on the 3AC platform.
Cheong Expresses Delight
Arthur Cheong, founder of DeFiance Capital, expressed his delight with the court’s decision. He stated that he was pleased that the High Court of Singapore agreed with their position and emphasized the importance of resolving the dispute in Singapore where relevant evidence and witnesses are located.
Hot Take: Victory for DeFiance Capital
The High Court of Singapore ruling in favor of DeFiance Capital marks a significant victory for the company in their ongoing legal battle with 3AC. The court’s decision reaffirms DeFiance Capital’s control and ownership over their assets and sets an important precedent for future disputes involving cryptoassets. This outcome also highlights the jurisdictional considerations when determining where such disputes should be resolved. Overall, this ruling provides much-needed vindication for DeFiance Capital and strengthens their position in the crypto industry.
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