SNEAK PEEK
- NFTs belonging to Starry Night Capital are currently being transferred into a Gnosis Safe account, according to a tweet from the crypto analytics firm Nansen.
- To approve transactions in a Gnosis Safe, an exceptionally secure Ethereum wallet, several signatures are required.
- The $100 million Starry Night fund was revealed to be established by Three Arrows and Vincent Van Dough in August 2021.
One of the many unanswered mysteries surrounding the bankrupt cryptocurrency hedge fund Three Arrows Capital concerns what will happen to the company’s opulent NFT collection. However, since the assets are currently being transferred to a new wallet, solutions might be just around the corner.
According to a tweet from crypto analytics company Nansen, Starry Night Capital’s NFTs are currently being transferred into a Gnosis Safe account. Three Arrows Capital and pseudonymous collector Vincent Van Dough formed Starry Night Capital as a fund in 2021.
An extra secure Ethereum wallet called a Gnosis Safe needs multiple signatures to approve transactions. As of the time of writing, 80 Ethereum NFTs were still present in the old wallet, while a total of 383 NFTs have been transferred across. Last night, the majority of the NFTs were transferred.
In August 2021, Three Arrows and Vincent Van Dough announced the creation of the $100 million Starry Night fund. After that, they went on a spending binge and bought a variety of expensive Ethereum assets.
After purchasing an Art Blocks Ringers NFT from artist Dmitri Cherniak for $5.66 million in ETH, the fund made its public debut.
Other well-known NFTs that were purchased by Starry Night Capital include the Pepe the Frog Genesis NFT by artist Matt Furie, which sold for $3.5 million worth of ETH, and a trio of NFTs by the unknown artist XCOPY that fetched between $1.4 million and $2.3 million in ETH. At Starry Night, there are also a lot of CryptoPunks, Rare Pepes, and other significant collectibles.
Whether Starry Night was able to raise and spend the entire $100 million allotted for the fund is uncertain. Starry Night allegedly spent almost $35 million worth of ETH, according to a dashboard on the data platform Dune, although the Pepe the Frog NFT is not listed among the assets that have been tracked.
