As part of 3AC’s bankruptcy proceedings, over 300 NFTs from Starry Night Capital were moved this week.
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 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 liquidator’s 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 formed Stary Night Capital, a nonfungible token-focused fund that, initially, intended to invest exclusively in “the most desired” NFTs.
In August, Teneo was selected 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 Chapter 15 bankruptcy on July 1 in a New York court.
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