NFT Collection Held by Three Arrows Capital To Be Auctioned

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  • The liquidator overseeing bankruptcy proceedings has possession of the collection.
  • The majority of the assets were moved to the new wallet in the last 2 days.

This week, the highly significant Ethereum-based NFTs belonging to the crypto hedge fund Three Arrows Capital were transferred to a new wallet. And the liquidator overseeing the firm’s bankruptcy proceedings has verified that it now has possession of the collection.

According to a statement released by Teneo. The Chapter 15 bankruptcy advising company in charge, Starry Night Capital, a fund founded in 2021 by Three Arrows Capital and an anonymous investor named Vincent Van Dough, has surrendered all of its NFTs to Teneo. The majority of the assets were moved to the new wallet during the course of the previous two days.

NFTs Liquidation Process Starts

All of Starry Night Capital’s NFTs “have been accounted for and are in our possession or are being transferred to us,” as stated by the liquidator. Vincent Van Dough was acknowledged by Teneo for helping with the NFT transfer. And preventing their sale outside of the liquidation process. Teneo said that the anonymous collector would assist the company in selling the NFT collection. In order to compensate for the losses sustained by Three Arrows Capital.

Three Arrows Capital, a prominent crypto hedge fund, went bankrupt in May. After losing a lot of money on Terra’s UST and LUNA ecosystem. Moreover, Three Arrows Capital founders Su Zhu and Kyle Davies also blamed recently failed bets. This was on staked Ethereum and the Grayscale Bitcoin Trust.

In June, Three Arrows said it owed $3.5 billion to creditors and filed for Chapter 15 bankruptcy protection. The highest court in Singapore gave its approval to an expanded investigation into the company’s demise in August.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.