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HomeCrypto News3AC's liquidators to sell NFTs to recover assets

3AC’s liquidators to sell NFTs to recover assets

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Key Takeaways

  • The value of 3AC’s NFTs held by the liquidator is $21 million.
  • Hundred of NFTs would be subject to sale, including pieces from renowned collections such as the Bored Ape Kennel Club, Autoglyphs

Three Arrows Capital(3AC) liquidator Teneo has announced that nonfungible tokens (NFTs) belonging to the bankrupt hedge fund will be sold. As per the official announcement, the sale will begin 28 days after the notice.

“The purpose of the Sale is to realize the value of the NFTs for the purposes of the liquidation,” as per Christopher Farmer, managing director at advisory firm Teneo and a joint liquidator on the 3AC bankruptcy case.

The liquidator pointed out that the NFT sale decision came after considering all available options to maximize the value of 3AC’s assets. 

As per the filing, hundred of NFTs would be subject to sale, including pieces from renowned collections such as the Bored Ape Kennel Club, Autoglyphs, Chromie Squiggles, CryptoPunks, Fidenza, Nimbuds, and Ringers collections.

According to data from blockchain intelligence firm, Dune, the value of 3AC’s NFTs held by the liquidator is $21 million. Reportedly,  NFTs still held by the bankrupt hedge fund itself amount to approximately $2.4 million.

The liquidators had; however, confirmed it would not include the list of NFTs informally dubbed the “Starry Night Portfolio.” In October 2022, Teneo moved Starry Night Capital’s NFTs to a Gnosis Safe wallet. As per reports, the crypto hedge fund had spent $21 million building the collection at the height of the NFT frenzy in 2021.

The official notice, however, fails to reveal more info on the type of NFTs the liquidators plan to sell. According to crypto analyst Tom Wan, some of the NFTs to be sold are high-profile pieces, including PEGZ, Otherdeeds, MAYC, Punks, Autoglphys, and more.

Three Arrows Capital filed for bankruptcy in July, citing “extreme fluctuations” in the crypto markets after it had endured losses from the Terra Luna network collapsing two months earlier. As part of the bankruptcy proceedings, Teneo is working to recover all of Three Arrows’ assets, including the collection of nonfungible tokens.

According to the court filing, 3AC owes $3.5 billion to 27 companies, including Blockchain.com, Voyager Digital, and lender Genesis Global Trading. 3AC’s implosion created a ripple effect across the crypto sector, forcing several firms to file for bankruptcy protection.

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