Over 300 NFTs From Three Arrows Capital’s NFT Fund Moved by Liquidator to New Wallet – Bitcoin News

Hundreds of non-fungible tokens (NFTs) collected by Starry Night Capital have been moved to a new wallet. The insolvent Three Arrows Capital (3AC) crypto hedge fund NFT purchased the tokens in 2021. 3AC filed for bankruptcy earlier this year, after suffering the effects of a system crash Terra eco and the next crypto winter. Now its liquidator, Teneo, says the tokens are moving into its hands.

Starry Night Capital Fund NFT Collection Moved To Gnosis Safe Address

NFT from Starry Night Capital’s premium collection, featuring Cryptopunks Cryptocurrency analytics firm Nansen revealed on Twitter that among other valuable collectibles, it is moving to a new wallet. More than 300 tokens out of a total of over 400 NFTs were transferred to the Gnosis Safe account, a multi-signature Ethereum wallet.

The NFT Starry Night Capital fund was founded last year by crypto hedge fund Three Arrows Capital and an NFT collector under the pseudonym Vincent Van Dough. Their initial intention was to raise around $100 million to get tokens from famous NFT collections and popular artists.

In one statement As quoted by Bloomberg and crypto media, Teneo, the liquidator of 3AC, said that thanks to the partnership of Vincent Van Dough, “all NFT Starry Night Capitals, known to VVD, have been accounted for. and is owned by us or is being transferred to us. The company said it wanted to sell them, saying they would likely work with Vincent Van Dough to oversee their disposal.

NFTs on delivery currently include Pepe the Frog NFT Genesis, which sells for 1,000 ETH (about $3.5 million) on October 5, 2021 and Fidenza #718, sold for 240 ETH (about $1.1 million) on November 13, 2021, several Cryptoart NFTs by artist XCOPY, sold for between $1.4 million and $2.3 million in December, and AI generated Legs Nudity #7 Frame #184 by Robbie Barrat, sold for $1.1 million in ether.

Among them is also some Cryptoadz – Cryptoadz #5634 (135 ETH) and Cryptoadz #54 (25 ETH) on sale in October – Meridian #684 and Meridian #171 (prices 90 and 80 ETH respectively) and many Pudgy Penguins, including the Pudgy Penguin #6869, which sold for 16.9 ETH on January 8, 2022, Nansen detailed in his tweets on Tuesday.

According to the company, their current estimate investment portfolio value is 625 ETH (under $840,000 at press time, a valuation well below their selling value), based on 24-hour average prices or seven-day rates with no purchases made in past 24 hours. The analysis firm indicates that 89% of NFTs are illiquid, with fewer than 35 sales in the past seven days.

Three Arrows Capital finds itself in trouble after fall by Terra UST and LUNA. The Foundation has invested millions of dollars in the Terra ecosystem and its founders, Su Zhu and Kyle Davies, blamed exposure to the crisis.

“What we didn’t realize is that Luna has the potential to drop to effectively zero in a few days and this will catalyze a credit squeeze across the industry that will put significant pressure on all poor positions. our liquidity,” Zhu said in an interview with Bloomberg in July, admitting the team may have fallen in love with Terra co-founder Do Kwon.

3AC submitted to bankrupt in June. It has to face pay from a court order issued in the British Virgin Islands and an investigation by the financial and judicial authorities in Singapore. Teneo has been appointed by a British Virgin Islands court to liquidate Three Arrows Capital and the Supreme Court of Singapore has approved their petition to gain more insight into 3AC’s assets.

Cards in this story

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Do you expect the NFTs from the Starry Night Capital collection to go on sale in the near future? Share your thoughts on this topic in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who likes Hitchens’ quote: “Becoming a writer is in my nature, rather than what I do”. Besides cryptocurrency, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons

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