- They will shortly sell the NFT collection of Three Arrows Capital (3AC).
- They will use the sale’s earnings to settle creditors’ debts.
- Davies, a co-founder of 3AC, and Zhu have started a startup company called GTX.
Teneo, the liquidator for the insolvent crypto hedge fund Three Arrows Capital (3AC), has released a notice stating its intention to sell many non-fungible tokens (NFTs) valued in the millions of dollars. In July, the company declared bankruptcy with an estimated $1 billion in assets, including NFTs valued at roughly $22 million. Teneo will start the process of selling NFTs within 28 days.
Teneo pointed out that the NFTs mentioned had nothing to do with the NFT portfolio of Starry Night Capital. They transferred their portfolio to a Gnosis safe in October. It was the subject of an application before the Eastern Caribbean Supreme Court at the British Virgin Islands High Court of Justice.
With $35.6 million seized from 3AC’s bank accounts in December, the sale of NFTs from the Bored Ape Kennel Club, Autoglyphs, Chromie Squiggles, CryptoPunks, Fidenza, Nimbuds, and Ringer’s collections is believed to be valued at roughly $9.8 million.
Davies recently came under fire for disobeying liquidators’ orders and failing to cooperate. At the same time, numerous digital art assets owned by an NFT fund created by the co-founders underwent prominent transfers in October 2022.
The sale is separate from the Starry Night Portfolio and is currently subject to an application before the Eastern Caribbean Supreme Court. Meanwhile, the application is in the High Court of Justice in the British Virgin Islands.