Three Arrows Capital NFTs are About to be Sold Off by the Liquidator

cryptonews.com:

Some of the non-fungible tokens (NFTs) once held by bankrupt Singaporean crypto hedge fund Three Arrows Capital (3AC) will be put up for sale as part of efforts to retrieve funds for its creditors, according to the failed company’s liquidators.

Christopher Farmer, a senior managing director at consultancy Teneo, said in a statement that “the Joint Liquidators intend to take steps to commence the sale of certain Non-Fungible Tokens … in their possession and control and which are beneficially owned and belonging to the Company”. 

“The purpose of the Sale is to realise the value of the NFTs for the purposes of the liquidation. The necessary steps are expected to commence within 28 days of this notice and in any event, after 23 March 2023,” according to Farmer.

For the avoidance of doubt, the joint liquidator added that the forthcoming NFT will not be related to the list of tokens “informally referred to as the 'Starry Night Portfolio' which is presently subject to an application before the Eastern Caribbean Supreme Court in the High Court of Justice in the British Virgin Islands”.

In June 2022, Teneo was appointed by a British Virgin Islands court to serve as the collapsed crypto hedge fund’s liquidator. 3AC is said to owe more than USD 3.5bn in unsecured claims to its creditors

Meanwhile, earlier this month, Su Zhu and Kyle Davies, 3AC’s two founders, kicked off a new platform for trading in crypto-related bankruptcy claims. The new trading venture, named Open Exchange, has already opened its waitlist for interested users who want to put their claims up for sale, as announced by Su Zhu, who is the former CEO of the bankrupt crypto hedge fund. 

In a series of tweets outlining the latest move, Zhu declared that he and Davies