The High Court of Singapore has rejected an application by bankrupt crypto hedge fund Three Arrows Capital (3AC) to dismiss the suit brought by Cheong Jun Yoong, the founder of Web3 investment firm DeFiance Capital. DeFiance Capital has argued that its assets and operations were separate from that of 3AC and should not be included in the liquidation process. Cheong had filed the lawsuit against Three Arrows Capital in April 2023, claiming DeFiance Capital Investors were the ultimate beneficiaries of assets held in trust by Three Arrows Capital. Cheong argued that the 3AC estate could not use the trust funds to satisfy creditor claims against it.
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