• Three Arrows Capital (3AC) has filed for bankruptcy and its court-appointed restructuring firm, Teneo, is planning to sell off a portion of the NFTs it seized from the defunct crypto hedge fund.
• The NFTs do not include any artworks from the portfolio of Starry Night Capital.
• Teneo plans to begin selling the $22 million worth of NFTs within 28 days, with blue-chip collections such as Bored Ape Yacht Club [BAYC], CryptoPunks, Fidenzas, Ringers, Autoglyphs, Chromie Squiggles and Nimbuds up for sale.
Three Arrows Capital Files for Bankruptcy
Three Arrows Capital (3AC), a crypto hedge fund based in Singapore has filed for bankruptcy in July 2022. This resulted in hundreds of creditors seeking a collective $3.5 billion.
Teneo Appointed as Court-Appointed Restructuring Firm
The court appointed Singapore-based liquidator Teneo to help liquidate 3AC’s assets which included Non-fungible Tokens [NFT] worth $22 million.
Sale of NFTs Worth Millions Planned
Teneo revealed its plans to put these NFTs on sale to generate value for the liquidation process. The collection includes blue-chip collections such as Bored Ape Yacht Club [BAYC], CryptoPunks, Fidenzas, Ringers along with Autoglyphs, Chromie Squiggles and Nimbuds valued at approximately $9.6 million based on current floor prices.
Starry Night Collection Excluded From Sale
The filing clarified that NFTs from Starry Night Capital’s portfolio will not be put up for sale and that Teneo took possession of their wallet holding these tokens in October 2022. These are now subject to an application before the Eastern Caribbean Supreme Court in the High Court of Justice in the British Virgin Islands.
Sale To Begin Within 28 Days
Teneo plans to begin selling off this considerable portion of 3AC’s collection within 28 days according to its 23 February filing made by them with the purpose being „to realise the value of the NFTs for purposes of liquidation“.