Nonfungible tokens (NFTs) belonging to bankrupt hedge fund Three Arrows Capital (3AC) will be sold by liquidator Teneo, according to a new announcement.
In a notice dated February 22, Joint Liquidator Christopher Farmer announced that the liquidators are going to start selling NFTs belonging to 3AC. The announcement states that the sale will be made to “realize the value of the NFT for liquidation purposes.” According to the announcement, sales will begin 28 days after the announcement.
In the announcement, the liquidators clarified that they will not include the list of NFTs unofficially called the “Starry Night Portfolio.” On October 5, 300 NFTs from 3AC subsidiary Starry Night Capital were transferred as part of 3AC’s bankruptcy proceedings. The liquidator stated that this NFT is currently subject to an application before the supreme court of the British Virgin Islands.
NFTs previously collected by Starry Night Capital moved to Gnosis Safe addresses.
These NFTs include:
– Pepe the Frog NFT Genesis, sold 1,000 ETH (~$3.5M) on Oct 5, 2021
– Fidenza #718, sold for 240 ETH (~$1.1M) on Nov 13, 2021Some other famous NFTs are listed below pic.twitter.com/8PU13CqMnn
— Nansen (@nansen_ai) October 4, 2022
While the announcement did not mention which NFTs will be sold, analyst Tom Wan indicated on Twitter that NFTs could be sold by liquidators. According to Wan, NFT could include several high-profile pieces. He tweeted:
3AC Liquidator, Teneo announced that it will sell NFT Holdings (Except Starry
night portfolio)Potential NFTs for Sale:
– 11 Punk
– 1 KAB
– MAY 2
– 3 Other actions
– 3 Autoglophys
– 8 PEGTeneo Portfolio & 3AC NFT @DuneAnalytics : https://t.co/J5DK1KQFhH
– Tom Wan (@tomwanhh) February 23, 2023
In the midst of 3AC’s bankruptcy proceedings, members of the public have repeatedly taken to social media to express their dissatisfaction with the actions of the 3AC team. On January 3, 3AC founder Su Zhu was called out on Twitter when he accused the Digital Currency Group (DCG) of conspiring with the FTX exchange to attack LUNA. Zhu’s efforts to call out DCG and FTX backfired, with community members urging them to focus on their own misdeeds.
related: 3AC founders have ‘chosen to neglect their duties’ by not responding to subpoenas, bankruptcy lawyers say
On February 10, members of the crypto community went after a newly launched exchange backed by 3AC and Coinflex. Community members were outraged by the launch, with some vowing not to trade on the exchange and harassing those who did.