Three Arrows Capital's NFTs collection to be liquidated

Teneo, the liquidation steadfast successful complaint of the Three Arrows Capital (3AC) bankruptcy process, confirmed successful a connection to Cointelegraph connected Oct. 5 that it has custody of the NFTs moved from the addresses related to Starry Night Capital, a money launched by the co-founders of the now-bankrupt hedge fund. 

According to the firm, the postulation determination was portion of the liquidators' work of identifying assets and maximizing recoveries connected behalf of each creditors. A study from Bloomberg estimated that the Starry Night Capital collection’s full worth sits astatine astir $35 million. It represents lone a tiny fraction of the 3AC's debt of $2.8 cardinal to its creditors.

The firm's connection said:

"We would similar to marque wide that VVD [pseudonymous NFT collector Vincent Van Dough] has cooperated with the JLs [Joint Liquidators] successful an effort to support the worth of these assets for the payment of each applicable stakeholders and has sought to guarantee that nary Starry Night Portfolio assets would beryllium disposed of improperly, oregon without authorisation of the BVI Court if required."

VVD besides offered to assistance with the eventual merchantability of 3AC NFTs, and volition apt 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 money that, initially, intended to put exclusively successful "the astir desired" NFTs.

In August, Teneo was pointed retired arsenic the liquidation steadfast successful the 3AC case. The Singapore-based hedge money went bankrupt pursuing the illness of the Terra ecosystem earlier this year. The company, which erstwhile had implicit $10 cardinal successful assets nether management, eventually filed for a Chapter 15 bankruptcy connected July 1 successful a New York court.