Singapore Will Hold $141M 3AC-related Assets Hearing
A dispute between DeFiance Capital and Teneo, representing the liquidators of the crypto fund Three Arrows Capital (3AC), concerning assets that amount to $141 million is set to be heard in a Singapore court.
The assets in question are cryptocurrencies and NFTs, along with 69 SAFE/SAFT agreements estimated to be worth over $120 million, and this discrepancy in value is one of the reasons behind the disapproval of the law firm.
DeFiance Capital claims that the assets should be treated separately and returned to the fund’s investors and not held as part of 3AC’s estate to be distributed to creditors.
Consequently, proceedings have been initiated in parallel in the Court of the British Virgin Islands that could lead to two different decisions on the same issue.
Blossom Hing from Drew and Napier of DeFiance Capital said they “applaud the decision” as it would enable important evidence being made available in the jurisdiction for the purpose of a fair and just resolution of the dispute.
