High Profile NFT Collection moved from 3AC Wallet amid bankruptcy proceedings
Last year, an NFT (non-fungible token) fund created by the Three Arrows Capital co-founders has now seen many of its digital art assets moved to another wallet.
On October 4, crypto insights and analytics firm Nansen reported that more than 300 NFTs had been moved from the Starry Night Capital collection to a Gnosis Safe address. However, the actual figure could be much higher.
Starry Night Capital was a $100 million NFT-focused fund co-founded by 3AC executives Su Zhu and Kyle Davies and NFT collector Vincent Van Dough in August 2021. It planned to invest in “the most desirable” NFTs on market at the time.
Nansen highlighted some of the notable NFTs on the move. They ranged in price from $1 million to $3.5 million in ETH when sold during the crypto bull in late 2021.
Clears out the wallet
The destination for the high-profile NFT collection was Gnosis Safe which is a self-custody platform for digital assets.
Nansen estimates that the current portfolio value is 625 ETH, worth approximately $847,000 in today’s prices. It added that nearly 90% of NFTs had low liquidity with fewer than 35 sales in the past seven days.
According to OpenSea, the destination wallet address now contains 463 items. Etherscan revealed that the last ERC-721 token sent to the Gnosis wallet went about three and a half hours ago.
OpenSea lists the most expensive NFT in the collection as “Pepe the Frog NFT Genesis”, which last sold for 1000 ETH. Other notable names in the collection include Fidenza #718, Some Other Asshole, DANKRUPT and DECAY, all previously sold from 240 to 550 ETH.
According to Dune Analytics, 3AC spent about $35 million on NFTs, so it’s unclear where the rest of the fundraising funding went.
3AC liquidation
The motives behind the move remain to be seen, but Three Arrows remains in dire straits after filing for bankruptcy in June. Zhu and Davies have since sparred with court-appointed liquidators about the liquidation of the rest of their assets.
However, Nansen has been wrong in the past. In September, it falsely reported that a wallet belonged to 3AC, when it was actually owned by crypto-finance platform Matrixport.
Disclaimer
All information on our website is published in good faith and for general information purposes only. Any action the reader takes on the information contained on our website is strictly at their own risk.
