Three Arrows Capital’s NFT Collection Set for Sotheby’s Auction in Attempt to Repay Creditors
Sotheby’s will auction off a collection of non-fungible tokens (NFTs) seized from defunct crypto hedge fund Three Arrows Capital. The Grails collection, which contains digital artwork belonging to 3AC and its Starry Night Capital NFT-collecting fund, includes NFTs from notable artists and valuable projects in Web3. The auction is expected to recover a portion of the $3bn the collapsed fund owes to creditors. Teneo, the advisory firm overseeing 3AC’s liquidation earlier this year, announced plans to sell off the fund’s NFTs as part of recovery efforts. According to data from Dune Analytics, which tracks 3AC’s NFTs held by the liquidator, the collection is worth $21m. Meanwhile, NFTs still held by 3AC itself total $2.4m. Leslie Lamb, CEO of Open Exchange, a new platform founded by 3AC’s Zhu Su and Kyle Davies for trading crypto-related bankruptcy claims, has said the venture has failed to gain momentum. In a now-deleted tweet, Open Exchange admitted that its total volume in the first 24 hours was only $13.64. Furthermore, before the end of its first trading day, the platform’s Twitter account was suspended for unknown reasons. In July last year, 3AC filed for bankruptcy after reporting major losses as a result of the collapse of the TerraUSD stablecoin.
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