3AC liquidators to sell some NFT holdings News โธ Bankruptcy
3AC liquidators to sell some NFT holdings
The hedge fund liquidator Teneo said the sale would not affect NFTs in Three Arrows Capital's (3AC) "Starry Night Portfolio."
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Updated: Feb. 23, 2023 at 9:24 am UTC
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Three Arrows Capital (3AC) liquidators Teneo said it would begin the sales of some non-fungible tokens (NFTs) belonging to the bankrupt crypto hedge fund, according to a Feb. 22 statement.
Teneo revealed that the purpose of the sales was “to realize the value of the NFTs for the purposes of the liquidation.” It added that the sales would commence within the next 28 days.
Teneo said the sale would not affect the “Starry Night Portfolio,” which is currently “subject to an application before the Eastern Caribbean Supreme Court in the High Court of Justice in the British Virgin Islands.”
The Starry Night Portfolio contained over 300 NFTs that were moved into a Gnosis Safe address in October 2022. The portfolio belonged to an NFT-focused 3AC subsidiary Starry Night Capital which was launched in 2021 with the help of NFT collector Vincent Van Dough.
Meanwhile, a research analyst at 21co, Tom Wan, said some potential NFTs to be sold included CryptoPunks, Bored Ape, Otherdeeds, Autoglphys, etc.
3AC was one of the several crypto firms that capitulated in the past year. The liquidators have accused the hedge fund’s co-founders โ Su Zhu and Kyle Davies โ of being uncooperative.
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Posted In: Bankruptcy, NFTs
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
In this article
Three Arrows Capital
Three Arrows Capital (3AC), a Singapore-based crypto hedge fund, collapsed due to poor risk management, recklessness in dealing with business partners and a significant portion of greed.
Bored Ape Yacht Club
Bored Ape Yacht Club, or often colloquially called Bored Ape, is a non-fungible token collection built on the Ethereum blockchain.
Kyle Davies is an entrepreneur and businessman based in Singapore who co-founded Three Arrows Capital (3AC), a bankrupt cryptocurrency hedge fund.