Three Arrows Capital's NFTs collection to be liquidated
Teneo, the liquidation firm in charge of the Three Arrows Capital (3AC) bankruptcy process, confirmed in a statement to Cointelegraph on Oct. 5 that it has custody of the NFTs moved from the addresses related to Starry Night Capital, a fund launched by the co-founders of the now-bankrupt hedge fund.
According to the firm, the collection move was part of the liquidators' duty of identifying assets and maximizing recoveries on behalf of all creditors. A report from Bloomberg estimated that the Starry Night Capital collection’s total value sits at around $35 million. It represents only a tiny fraction of the 3AC's debt of $2.8 billion to its creditors.
The firm's statement said:
VVD also offered to assist with the eventual sale of 3AC NFTs, and will likely oversee the assets' disposal with the firm, Teneo said.
In 2021, 3AC co-founders Su Zhu, Kyle Davies, and pseudonymous NFT collector Vincent Van Dough (DVV) formed Starry Night Capital. A nonfungible token (NFT)-focused fund that, initially, intended to invest exclusively in "the most desired" NFTs.
In August, Teneo was pointed out as the liquidation firm in the 3AC case. The Singapore-based hedge fund went bankrupt following the collapse of the Terra ecosystem earlier this year. The company, which once had over $10 billion in assets under management, eventually filed for a Chapter 15 bankruptcy on July 1 in a New York court.
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