BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

Venture Capital Firm DeFiance might consider Legal Action against 3AC

Venture Capital Firm DeFiance might consider Legal Action against 3AC

Key Takeaways



According to sources, DeFiance Capital was incubated by Three Arrows Capital.



3AC and DeFiance has indulged in various co-investment deals in the past.



DeFiance had earlier tried to distance itself from 3AC after news of the crypto hedge fund’s rumored insolvency became public in mid-June.



Three Arrows Capital-one of the biggest names in the crypto market is currently insolvent. As unfortunate as it is,3AC’s slow demise has triggered bankruptcies and restructurings within the crypto ecosystem. The leading crypto hedge fund has defaulted on its loans to various crypto lenders in the market, forced them towards the brink of bankruptcy.



According to sources, DeFiance Capital — a venture capital firm was incubated by Three Arrows. Reports suggest that DeFiance might be considering legal action against Three Arrows Capital. The legal action can be in the form of arbitration, a lawsuit or an amendment to the bankruptcy proceeding seeking repayment as a creditor.



Reportedly,3AC and DeFiance indulged in various co-investment deals together, including stakes in decentralized exchange dYdX and Solana-based smart contract specialist Orca. In September 2021, Orca raised $18 Million in Series A Funding from 3AC, DeFiance, Solana, among others.




We're excited to announce our $18M Series A! And thrilled to partner with incredible investors from @polychaincap @placeholdervc , Three Arrows, @jumpcapital , @SinoGlobalCap , @Collab_Currency , @DeFianceCapital , @ZeePrimeCap , Coinbase Ventures, and @solana . https://t.co/rdrTTceE6l — Orca ☀️ (@orca_so) September 22, 2021




In June 2, Laevitas, a data analytics platform focused on crypto derivatives, announced the closing of a $2.5m seed round co-led by Three Arrows Capital and DeFiance Capital. Apart from investing alongside each other in promising projects the camaraderie shared between DeFiance Capital, and 3AC is unclear.



DeFiance and 3AC Invest in Laevitas


Reportedly, 3AC played a significant role in the launch of DeFiance in September 2020, providing back and middle office support. It also provided access to deal flow and consultations on hiring. It is unclear whether 3AC firm seeded the startup or bought a part of the general partnership.



When Three Arrows Capital’s descent to bankruptcy became public in Mid-June, DeFiance Capital founder Arthur Cheong put out a tweet stating that the firm was “not done” and was “actively working to resolve the situation.” Cheong’s tweet came hours after Messari founder Ryan Selkis said 3AC faced liabilities of over $1 billion and that funds like DeFiance “may be done”.




We are not done and is actually actively working to resolve the situation. My and our team behaviour and action is consistent and this will not change. — Arthur (@Arthur_0x) June 17, 2022





Rumors – some second hand – re 3AC: + $1.0-$1.5bn in net liabilities + Most of the big lenders are fine now, even if they had some exposure (Blockfi, Genesis), tbd on others + The Founders have ghosted everyone, including their own team + Defiance Capital may be done — Ryan Selkis

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Read the full Article:  ⭲ Venture Capital Firm DeFiance might consider Legal Action against 3AC


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News



SneakPeek Script
Setup, Upload and Go!