Kyle Davies, the co-founder of the now-defunct Three Arrows Capital, has stated that he is not sorry for the company going bankrupt.
Su Zhu Recommends Prison for All, in an Attempt to Rebuild a Reputation
Flipping the narrative, the disgraced 3AC financier says he enjoyed life behind bars. “I had the best sleep of my life.”
Su Zhu Recommends Prison for All, in an Attempt to Rebuild a Reputation
Flipping the narrative, the disgraced 3AC financier says he enjoyed life behind bars. “I had the best sleep of my life.”
Court Freezes $1 Billion of Assets of Three Arrows Capital Founders
The worldwide order by a British Virgin Islands court applies to founders Su Zhu, Kyle Davies and Davies’ wife, Kelly Chen.
OPNX token spikes 50% after Su Zhu unexpectedly posts a 'gm' on Twitter
The OX token hit a price high not seen since co-founder Su Zhu was arrested in late September.
CoinFLEX creditors dissatisfied with restructuring to OPNX: Report
CoinFLEX creditors claim former CEO Mark Lamb and the OPNX exchange “misappropriated” their assets in a court filing.
3AC co-founder Kyle Davies spotted in Bali, sources claim
Sources claim that 3AC co-founder Kyle Davies has been based in Bali for months as he continues to evade Singaporean authorities over the collapse of his failed hedge fund.
Genesis, Three Arrows Capital Reach Agreement on $1B of Claims
The bankrupt crypto lender is seeking court approval to settle the claims with a $33 million payment to defunct hedge fund 3AC.
OPNX gets EU spot crypto trading license in Lithuania
Kyle Davies’ and Su Zhu’s OPNX exchange acquired a Lithuania virtual asset license to offer spot trading in the EU.
Crypto Exchange Linked to 3AC Founders Drops Lawsuit Against Mike Dudas
OPNX voluntarily dropped its defamation suit against the venture investor and crypto personality.
Hobbled Crypto Exchange’s Creditors Are Suing Its CEO and Want to Claw Back Money From ‘Bitcoin Jesus’
CoinFLEX CEO Mark Lamb breached his fiduciary duty when he created a new company, OPNX, with the founders of failed crypto hedge fund Three Arrows Capital, creditors argue. They are also critical of a deal Lamb struck with early BTC evangelist Roger Ver.
BlockFi emerges from bankruptcy and opens wallet withdrawals
BlockFi announced that it is allowing both U.S. and international users to submit withdrawal requests.
BlockFi Bankruptcy Judge Says He Wants 3AC’s $284M Claim Resolved in Mediation
Failed crypto hedge fund Three Arrows Capital’s (3AC) attempt to pursue a $284 million claim against crypto lender BlockFi was put into mediation by the U.S. bankruptcy judge overseeing BlockFi’s case.
Su Zhu’s $36M mansion transformed into eco-farm post-3AC collapse: Report
The 3AC co-founder purchased the Singaporean bungalow in March 2022, shortly before the hedge fund collapsed.
Singapore’s central bank slugs Three Arrows founders with 9-year ban
Three Arrows Capital founders Kyle Davies and Zhu Su are barred from regulated activities or acting as top execs at any financial firm in Singapore.
3AC Founders’ OPNX Fined $2.7M by Dubai Crypto Regulator
The exchange was formally reprimanded by the Virtual Assets Regulatory Authority (VARA) in May.
DeFiance Capital Gains Upper Hand In Jurisdiction Battle Against 3AC: Singapore Courts To Preside
The crypto finance world has witnessed numerous disputes, but few have been similar to that of the ongoing feud between DeFiance Capital and Three Arrows Capital Limited (3AC). Particularly, this dispute underscores the intricate interplay between traditional financial frameworks and the evolving dynamics of digital assets.
In a tweet posted earlier today, DeFiance Capital CEO shed new light on their ongoing legal tussle with 3AC, suggesting a turn in the tide.
Statement and Update on Dispute with Three Arrows Capital Limited (3AC)
We are very pleased to share a positive development on our end with the public.
It is well-known that for the past year, we have been locked in a dispute with the 3AC estate who are claiming that the assets…
— Arthur (@Arthur_0x) August 15, 2023
DeFiance Capital: A Year-long Struggle
Almost a year ago, the disagreement between DeFiance Capital and the 3AC estate took center stage when the estate contended that the assets held by DeFiance Capital should be used to square off the debts of 3AC.
Countering this claim, DeFiance maintained that they had complete authority and rightful ownership of their assets. This stance, they assert, aligns with common industry perceptions and is supported by available evidence.
The debate took a geographical turn when the liquidators insisted on settling the dispute in the British Virgin Islands (BVI). DeFiance Capital, which was managed from Singapore alongside 3AC, found this choice of jurisdiction puzzling.
They argued that the primary evidence and witnesses were based in Singapore, making it a more apt location for the hearing. Their persistence bore fruit last week when the High Court of Singapore agreed to their jurisdiction preference, subtly undermining the liquidators’ earlier narrative that DeFiance’s stance held no ground.
The Road Ahead: Seeking Effective Resolutions
Despite these disagreements, DeFiance has shown a willingness to collaborate. They have extended assistance to 3AC’s liquidators in understanding the position of DeFiance and even offered help in identifying 3AC’s assets.
The intention, as expressed by the CEO & CIO of DeFiance, was to minimize the resources spent on deciding the hearing location and instead concentrate on the core issues at hand.
However, the journey hasn’t been without its hitches. The liquidators faced setbacks in the US while trying to hold Three Arrows Capital Co-Founder Kyle Davies accountable in a US court. This effort was thwarted when it came to light that Davies was no longer a US citizen, an information oversight that resulted in unnecessary legal expenses.
Blossom Hing, representing DeFiance, highlighted the significance of the recent jurisdiction decision. Emphasizing that the Singapore International Commercial Court could address issues pertaining to BVI law, she expressed optimism about an efficient resolution that benefits all parties.
Hing noted:
We welcome the decision by the Singapore Court as it will ensure that important evidence located in Singapore would be available for the purposes of resolving the dispute in a just and efficient manner. Coupled with the fact that the Singapore International Commercial Court can hear arguments on and decide on BVI law issues, we believe that having the dispute heard in Singapore will result in considerable savings of costs and time for all parties.
Featured image from Unsplash, Chart from TradingView
Bankrupt Crypto Lender BlockFi Inches Closer to Refunding Clients
A disclosure statement is an official, court-approved document outlining the debtor’s assets and liabilities.
3AC co-founders’ OPNX exchange onboards FTX, Celsius bankruptcy claims
Claims can be converted into collateral to trade crypto futures on the exchange.
Three Arrows Founders to Donate Future Earnings to Creditors in Spirit of ‘Karma’
The founders of the hedge fund that filed for bankruptcy last year have started an exchange for creditor claims, which is seeing $50 million in trading volume, said Davies.