DeFiance Capital founder vows his firm is 'not done' after week of crypto stress

Quick Take

  • Arthur Cheong vowed that DeFiance Capital is “not done” after a week of ructions in crypto markets.
  • On Wednesday he had posted a tweet consisting of a single crying face emoji. 

Arthur Cheong, founder of DeFi and web3-focused venture capital firm DeFiance Capital, vowed that his company is "not done" after a week of ructions in crypto markets that has seen rumors swirl around the future of many prominent investors. 

"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," Cheong tweeted to his nearly 140,000 Twitter followers on Friday. "We are courageous adults," he added in a second post shortly after.

It's been a difficult week for crypto markets, with lending firm Celsius halting client withdrawals on its platform, bitcoin hitting an 18-month low below $21,000 and Tron's Decentralized USD (USDD) stablecoin entering a fifth day unpegged from the dollar. 

Amid the tension, investors have been beset with speculation about which firms might face insolvency, including crypto hedge fund Three Arrows Capital. Three Arrows helped Cheong set up DeFinance Capital and DeFiance "operates as a sub-fund and share class of Three Arrows Capital," according to its website.

Cheong's mood appears to have bounced back from Wednesday, when he had posted a tweet consisting of a single crying face emoji. 

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