The head of the over-the-counter trading department of the TPS Capital platform resigned amid the company’s distancing from the failed Three Arrows Capital fund.
Stefan Chu announced that he left the company via Twitter, without specifying the reason for leaving. He only mentioned various geopolitical and economic reasons:
“The thought arose from the assassination of Japanese Prime Minister Abe Shinzo, the bankruptcy of Sri Lanka, the resignation of Boris Johnson, recession/inflation/gas prices worldwide, supply chain issues due to war and Covid-19.”
The departure could have provoked the distancing of TPS Capital from the bankrupt crypto fund Three Arrows Capital. The dismissal of the top manager comes weeks after TPS publicly announced that it was “an independent legal entity whose operations are separate from those of TAC.” Crypto fund Three Arrows Capital (TAC) is now in liquidation after failing to repay loans. .
The company explained that although TAS was a shareholder of TPS for some time, it ceased to be one at the beginning of 2021. TAC co-founders Su Zhu and Kyle Davies held an “indirect interest” in TPS but did not control the company’s operations. TPS acted as an intermediary, helping to negotiate agreements with lenders.
Stefan Chu has been releasing regular market research reports since at least July 2021 under the heading “Weekly Analysis of the State of the Blockchain”. The Telegram versions of these reports show that he referred to TPS as “the official OTC arm of Three Arrows Capital” in the December 18 and January 15 editions.
TPS positions itself as a proprietary trading company offering over-the-counter trading and trade facilitation to crypto investors.
Recall that in June, the British Virgin Islands court ruled on the results of the proceedings on the loss-making activities of Three Arrows Capital as a result of the recent sharp decline in the cryptocurrency markets.
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