TPS Capital’s OTC executive Stefan Chu has resigned from the firm.
Chu’s resignation has come at a time when TPS is battling accusations that label TPS having a connection with bankrupt firm 3AC
Tai Ping Shan, popularly known as TPS capital’s OTC executive Stefan Chu has called it quits amid the firm’s attempt to distance itself from the liquidated firm Three Arrows Capital.
The allegations grew louder when TPS was called out for engaging with Three Arrows Capital, a bankrupt crypto firm.
TPS OTC Executive Has Left The Firm
Stefan Chu, head of over-the-counter trading at TPS Capital has abruptly quit the firm. Per the story published by the Block citing two people familiar with the matter, Chu left the firm in late July, and had recently modified his Twitter bio, which now refers to him as an “ex-TPS.”
Chu’s abrupt departure comes at a time when TPS Capital is battling accusations of it being involved with Three Arrows Capital, a liquidated firm that failed to repay its loans to several crypto institutions.
Chu was responsible for producing regular marketing reports under the label of “state of the blockchain weekly run.”
TPS Capital was earlier accused of having connections with Three Arrows Capital through its OTC desk. According to sources, TPS capital was once referred to as “the official OTC service of Three Arrows Capital,” on Linkedin and was claimed to have been independently managed by Three Arrows Capital.
In response to the growing uproar, TPS Capital issued a statement clarifying its stance, adding that the firm is an independent legal entity and its operations are separate from that of Three Arrows Capital.
The firm had agreed that it had briefly connected with 3AC and had merely “acted as an agent with respect to the loans between lenders and 3AC.”
However, TPS’s executive Stefan Chu’s sudden decision to leave the firm has been drawing considerable attention and scrutiny presently. While the firm has been denying its association with Three Arrows Capital, it was earlier found that certain versions of the regular research reports produced by Chu while he was working with TPS referred to the firm as the “official OTC desk for Three Arrows Capital.”
In addition to this, the Block further reiterated that the TPS staff used to describe their employer as the “OTC desk of 3AC” while sending emails to their clients.