According to a statement released on February 22, liquidators for the defunct cryptocurrency hedge fund Three Arrows Capital (3AC), Teneo, announced that they would start selling some non-fungible tokens (NFTs) belonging to the company.
The liquidator of hedge funds, Teneo, stated that there would be no impact on NFTs held in Three Arrows Capital’s (3AC) “Starry Night Portfolio” as a result.
Why the sale?
Teneo disclosed that “realizing the value of the NFTs for the liquidation” was the objective of the transactions that were being conducted. In addition, it was stated that the beginning of the sales would occur during the following 28 days.
According to Teneo, the transaction will not impact the “Starry Night Portfolio,” which is currently “the subject of an application before the Eastern Caribbean Supreme Court in the High Court of Justice in the British Virgin Islands.”
Around three hundred non-fungible tokens were included in the Starry Night Portfolio, and in October of 2022, they were placed into a Gnosis Safe address. Starry Night Capital, a wholly owned company of 3AC that specializes in NFT investments, managed the portfolio. It was established in 2021 with the assistance of NFT collector Vincent Van Dough.
During this time, a research analyst working for 21co named Tom Wan mentioned that potential NFTs that could be sold include CryptoPunks, Bored Ape, Otherdeeds, Autoglphys, and others.
3AC was one of the many cryptocurrency companies that failed over the past year. The liquidators of the hedge fund have accused the hedge firm’s co-founders, Su Zhu and Kyle Davies, are being uncooperative.