Three Arrows Capital NFT collection to be sold to repay creditors
Auction house Sotheby’s will auction non-fungible tokens (NFTs), which are part of bankrupt crypto hedge fund Three Arrows Capital’s assets.
Sotheby’s will sell NFT art from 3AC’s GRAILS collection live, online and through other sales channels, taking into account the art’s context and format.
3AC Liquidators tap Sotheby’s to auction NFTs to raise creditor funds
They will auction the first lot of seven “hand-picked” works during Marquee Sale Week at Sotheby’s New York, starting on May 19. Bidders may purchase:
- Dmitry Chernyak’s Ringers #879:
- Tyler Hobbs’ #216 Fidenza:
The Zerion platform has valued tokens at a base price of $6.4 million for the auction. Sotheby’s will pay the creators royalties for secondary sales.
A court in the British Virgin Islands ordered the liquidation of 3AC in June 2022 after bets on rising crypto prices fell through following the high-profile collapses of TerraUSD and Celsius.
Teneo filed papers for sell the NFTs in February to recover funds for 3AC creditors. The tokens form part of 3AC’s assets, which include investments in crypto firms. Following the liquidation order, the hedge fund filed for Chapter 15 bankruptcy in the United States to protect its American assets.
BeInCrypto reported last year that over 300 NFTs from a wallet belonging to 3AC’s NFT fund Starry Night Capital were moved to a Gnosis Safe. 3AC founders Kyle Davies and Su Zhu intended to purchase coveted NFTs using the fund.
The 3AC founders are indifferent to liquidation
Davies and Zhu have not responded to a subpoena from a US court. The order forced them to provide accounts and other company information.
The pair recently launched a new project, OPNX, to trade bankruptcy claims of failed crypto firms. These firms include FTX, Celsius and, ironically, Three Arrows Capital.
Currently, the platform offers spot and futures trading. Trading with bankruptcy claims has not gone live.
Several prominent crypto personalities ridiculed the platform upon launch. They included crypto detective ZachXBT, Jeff Kirkedeikis of TrustSwap and a researcher at Grayscale Investments.
For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.
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