Over 300 3AC-linked NFTs moved to new wallet address News โธ Bankruptcy
Over 300 3AC-linked NFTs moved to new wallet address
Some of popular NFTs moved to the new address include Pepe the Frog NFT Genesis, Fidenza #718, DANKRUPT, DECAY etc.
2 min read
Updated: Oct. 5, 2022 at 12:57 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Non-fungible tokens (NFTs) belonging to Starry Night Capital, a subsidiary of collapsed Three Arrows Capital (3AC), have been moved to a Safe (formerly Gnosis Safe) address, Nansen tweeted on Oct. 4.
NFTs previously collected by Starry Night Capital are moving to a Gnosis Safe address.
These NFTs include:
– Pepe the Frog NFT Genesis, sold for 1,000 ETH (~$3.5M) on Oct 5, 2021
– Fidenza #718, sold for 240 ETH (~$1.1M) on Nov 13, 2021Some other notable NFTs below๐ pic.twitter.com/8PU13CqMnn
— Nansen ๐งญ (@nansen_ai) October 4, 2022
Starry Night Capital is a $100 million NFT-focused fund launched in 2021 by Three Arrows Capital founders Kyle Davies and Su Zhu, along with NFT collector Vincent Van Dough. At the time, its goal was to buy the top NFTs in the market.
NFTs on the move
According to available information, over 300 NFTs in the address associated with the fund have been moved to a new address. Some popular NFTs moved to the new address include Pepe the Frog NFT Genesis, which it bought for 1,000 ETH (~$3.5M).
Other notable NFTs moved by the address include Fidenza #718, Some Other Asshole, DANKRUPT, DECAY, and Pudgy Penguins. These NFTs previously sold for 200 to 500 ETH. Nansen stated that the remaining NFTs in the address have a combined value of 625 ETH ($847,000) at the time of the report, with 89% having low liquidity.
7/ Their current estimated portfolio value* is 625 ETH, with 89% of the NFTs having low liquidity (less than 35 sales in the last 7 days)
*24H median price, or 7D where no sales in the last 24H
Source:https://t.co/Ky8QrH3cfl pic.twitter.com/aZykqEOSqS
— Nansen ๐งญ (@nansen_ai) October 4, 2022
The destination wallet, a Safe address, now contains 463 items, according to OpenSea data. Meanwhile, there are still questions about where the rest of the NFT funds went, given that Starry Night Capital spent $35 million on digital assets, according to Dune Analytics.
While it is unclear who is behind the transfers, the move answers questions surrounding the whereabouts of 3AC NFTs since it went bankrupt in July.
3AC liquidation
3AC founder Zhu had expressed worry over the possibility of jail term over the liquidator’s misrepresentation. According to Zhu, the liquidators have misled the Singapore high court about the structure of 3AC and the role he and Davies played in the system.
Meanwhile, the court-appointed liquidator, Teneo, has only gained control of around $40 million of 3AC’s assets and the power to secure and liquidate them in Singapore.
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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.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
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.