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3AC Liquidators Decide to Sell Some of the Company’s NFTs
Published Feb 23, 2023 12:19PM ET
Updated Feb 23, 2023 12:30PM ET
3AC Liquidators Decide to Sell Some of the Company’s NFTs
- Three Arrows Capital liquidators initiate plans to sell some of the company’s NFTs.
- The information was sent out by the liquidators in one of their recent notices.
- The liquidators also made it clear that the NFT sale doesn’t include the “Starry Night” portfolio.
Three Arrows Capital liquidators recently conveyed in one of their recent notices on Wednesday that the bankrupt hedge fund is moving towards selling some of its NFTs. The notice, which was released by Teneo, cites the details of future plans to sell the NFTs.
According to the details, the joint liquidators are taking a step ahead to begin the sale of some of the NFTs in the possession of 3AC, which is owned by the company. The notice also clarifies that the purpose of the sale of the NFTs is for the need of liquidation. The liquidation is also expected to begin within 28 days from the date of issue of the notice.
However, the notice didn’t reveal the details of which NFTs were up for sale: “For the avoidance of doubt, the sale does not relate to the list of NFTs informally referred to as the “Starry Night Portfolio,” which is presently subject to an application before the Eastern Caribbean Supreme Court.”
Following the significant downturn of LUNA and Terra, in which Three Arrows Capital had held a substantial position worth approximately $560 million at its peak, the company experienced significant financial losses. The resulting impact caused the crypto hedge fund to fail, leading to its founders defaulting on loans.
Three Arrows’ founders, Zhu Su, and Kyle Davies used a strategy that involves leveraging cash from various sources inside the crypto industry and then investing in emerging crypto companies. With a decade of experience in the area, the founders had earned some measure of legitimacy in a market dominated by newcomers.
The post 3AC Liquidators Decide to Sell Some of the Company’s NFTs appeared first on Coin Edition.
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