TechFlow news, according to Cointelegraph, Singapore's High Court has approved a lawsuit filed by cryptocurrency investment fund DeFiance Capital against Three Arrows Capital (3AC), over whether the held funds are trust assets belonging to DeFiance Capital or 3AC's proprietary assets. The court ruled that the crypto assets in Fireblocks wallets remain under 3AC's control, rejecting 3AC's claims. The case confirmed Singapore as the appropriate legal forum, as the individuals holding the wallet keys are located in the country, establishing sufficient connection under Singapore law.
Previously, DeFiance Capital founder Cheong stated in the lawsuit that DeFiance Capital's investors are the ultimate beneficial owners of the assets custodied by Three Arrows Capital, and these assets should not be used to satisfy creditor claims.
