Home CryptocurrencyBitcoin 3AC liquidators will sell NFTs to companies to realize value in the midst of bankruptcy

3AC liquidators will sell NFTs to companies to realize value in the midst of bankruptcy

by SuperiorInvest

Non-fungible tokens (NFTs) belonging to failed hedge fund Three Arrows Capital (3AC) will be sold by its liquidators Teneo, according to a recent announcement.

In a notice dated February 22, joint liquidator Christopher Farmer he announced that the liquidators intend to start selling NFTs belonging to 3AC. The announcement emphasized that the sale would be made to “realize the value of the NFT for liquidation purposes.” According to the announcement, the sale will start 28 days after the announcement.

The liquidators clarified in the announcement that it will not list the NFTs informally called the “Starry Night Portfolio”. October 5, 2022 300 NFT from 3AC subsidiary Starry Night Capital were moved as part of the bankruptcy of 3AC management. The liquidators highlighted that these NFTs are currently the subject of an application in the British Virgin Islands High Court.

While the announcement did not mention which NFTs would be sold, analyst Tom Wan pointed out on Twitter which NFTs the liquidators could potentially sell. According to Wan, NFTs may include some high-profile pieces. He tweeted:

In the midst of 3AC’s bankruptcy process, community members repeatedly expressed their displeasure with the actions of the 3AC team on social media. On January 3rd, 3AC founder Su Zhu he was called out on Twitter when he accused the Digital Currency Group (DCG) of conspiring with the FTX exchange to attack Terra. Zhu’s efforts to summon DCG and FTX failed, and community members urged him to focus on his own transgressions.

Related: 3AC’s founder chose to ignore his duties by failing to respond to subpoenas, bankruptcy attorneys say

February 10 members of the crypto community went after the newly started exchange backed by 3AC and Coinflex. Community members were outraged by the launch, with some vowing never to trade on the exchange and bullying those who do.

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