On June 17, Arthur Cheong, founder and CEO of DeFiance Capital, posted on the X platform to review the development history of the fund. At first, Arthur personally invested less than 100,000 dollars in cryptocurrency. In January 2020, Arthur decided to create a fund that has been focused on DeFi, DeFi ance. At first, the starting capital and committed capital injection of the fund were less than 2 million dollars, but in March 2020, the plan was temporarily put on hold due to market changes. Then with the arrival of DeF iSummer, DeFiance's vision was validated, and plans to create the fund were continued, eventually creating DeFiance at a scale of less than $20 million. Mr. Arthur adds that DeFiance's AUM was above $500 million at its peak, but then suffered the collapse of 3AC. DeFiance then suffered the collapse of the FTX when it launched the second fund, and is still resolving the legal dispute between the first fund and the FTX. The second fund was launched at a smaller scale than the first and the market environment was more intense, but within a year the fund's AUM increased eightfold.