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Seized NFTs Worth Millions Of Dollars To Be Sold By Three Arrows Capital Liquidators – Here's The Latest

24 Feb 2023

Liquidators of the now-defunct crypto fund Three Arrows Capital plan to sell off the firm's NFTs as part of recovery efforts.In a notice published Wednesday, Teneo, the New York-based liquidation firm tasked with overseeing 3AC's liquidation, said they would put the bankrupt firm’s NFTs on sale after March 23 in a bid to recoup a portion of the $3.5 billion it owes to creditors.“The Joint Liquidators intend to take steps to commence the sale of certain NFTs in their possession and control and which are beneficially owned and belonging to Three Arrows Capital,” the memo reads. It is worth noting that the process will not include the so-called Starry Night Capital fund, a collection of assets put together by pseudonymous collector Vincent Van Dough for 3AC’s Starry Night Capital.Launched in August 2021, the project was expected to be a new fund to assemble the world’s best collection of NFTs. While advisors have revealed that they plan to sell the NFTs, the collection is excluded from the upcoming sale as it is subject to a claim in the Eastern Caribbean Supreme Court in the British Virgin Islands.“For the avoidance of doubt, the Sale does not relate to the list of NFTs informally referred to as the 'Starry Night Portfolio' which is presently subject to an application before the Eastern Caribbean Supreme Court in the High Court of Justice in the British Virgin Islands,” the notice said. While the memo did not specify which NFTs are to be sold, Tom Wan, a research analyst at 21Shares parent company 21.co, said it could include high-profile NFTs like CryptoPunks, as well as a Bored Ape, and a couple of Mutant Apes.According to data compiled by Dune Analytics, which tracks 3AC’s NFTs held by the liquidator, the collection is worth $21 million. Meanwhile, NFTs still held by 3AC itself look to be worth $2.4 million.In July last year, 3AC filed for bankruptcy, declaring its business had “collapsed in the wake of extreme fluctuations in cryptocurrency markets.” Among others, 3AC reported major losses as a result of the collapse of the TerraUSD stablecoin in May 2022. In August 2022, the fund’s liquidators obtained the permission of a Singaporean court to gain access to key records, obtaining more information about the assets of the collapsed firm. Three Arrows is estimated to owe its creditors more than USD 2.8bn in unsecured claims. Meanwhile, Su Zhu and Kyle Davies, the two founders of now-bankrupt crypto hedge fund Three Arrows Capital, have launched a new platform for trading in crypto-related bankruptcy claims.

Source From : cryptonews

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