Singapore court rejects 3AC's request to dismiss '$1.4 billion crypto ownership case'

In an ongoing lawsuit between crypto investment firm DeFiance Capital and the liquidators of bankrupt crypto hedge fund Three Arrow Capital (3AC) over the ownership of $1.4 billion worth of crypto assets, the Singapore High Court has rejected a request by 3AC to dismiss the case, reports Cointelegraph. The court found 3AC's claims to be unfounded. The dispute centers on the ownership of $140 million worth of cryptocurrency managed by Defiance Capital, which operated independently of 3AC but was a stakeholder in its corporate structure. Teneo, 3AC's liquidator, argues that the assets are part of 3AC's assets and should be distributed to creditors, and that the jurisdiction of the court is in the British Virgin Islands, not Singapore. Defiance Capital, on the other hand, argues that it should be recognized as an asset unrelated to 3AC and repaid to investors.