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High Court of Singapore Denies Three Arrows Capital’s Dismissal Request

Press Releases Crypto News BeInCrypto High Court of Singapore Denies Three Arrows Capital’s Dismissal Request

The High Court of Singapore has turned down Three Arrows Capital’s (3AC) request to dismiss a lawsuit filed against it by DeFiance Capital. The entity aims to separate its assets from 3AW creditors independently of the liquidation process.

The primary argument revolved around the whereabouts of the crypto assets in question. According to the filing, these assets have no physical location and instead exist as records within a network of computers.

Court Rejects 3AC’s Bid to Dismiss DeFiance Capital Lawsuit

In a recent court filing, the judge dismissed Three Arrows Capital’s plea to have the lawsuit filed by Cheong Jun Yoong, the founder of DeFiance Capital, thrown out.

Consequently, the judge mandated that Three Arrows Capital must cover Cheong’s legal fees.

“Accordingly, I dismissed the defendants’ application. I ordered the defendants to pay costs to the claimant fixed at $15,000 plus disbursements to be fixed by me if not agreed.”

The filing clarified that although Cheong’s assets resided on the 3AC platform, he retained independent control.

This stemmed from his prior management of these assets for a circle of friends and former colleagues. DeFiance Capital insisted on the segregation of its funds into separate accounts, allowing Cheong to retain complete control over the cryptocurrency assets within his fund.

Consequently, the court supported DeFiance Capital in its pursuit of legal action against Three Arrows Capital.

In December 2023, BeInCrypto reported that 3AC founder Su Zhu was questioned by lawyers from Teneo, the appointed liquidators.

3AC Among Several Companies That Collapsed in 2022

The queries aimed to uncover details about 3AC’s failure and its crypto assets. The fund collapsed in July 2022, a year when the crypto industry saw several major crypto fir

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Author: Ciaran Lyons

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