Odaily News Arthur Cheong, founder and CEO of DeFiance Capital, posted an article on the X platform to review the development history of the fund. At first, Arthur personally invested less than $100,000 in cryptocurrencies. In January 2020, Arthur decided to establish DeFiance, a fund that has always focused on DeFi. Initially, the fund's start-up capital and total committed capital injection were less than $2 million, but in March 2020, the plan was temporarily shelved due to market changes. Later, with the arrival of DeFi Summer, DeFiance's vision was verified, and plans to establish the fund were continued. In the end, DeFiance was founded with a scale of less than $20 million. Arthur added that at its peak, DeFiance's AUM exceeded $500 million, but then it was affected by the bankruptcy of 3AC. Later, when DeFiance launched its second-phase fund, it encountered the collapse of FTX. To this day, DeFiance is still resolving legal disputes between the first-phase fund and FTX. The second fund was launched with a smaller size than the first and in a more competitive market environment, but the fund's AUM still grew eightfold within a year.