Liquidators Move Over 300 NFTs From Bankrupt Crypto Hedge Fund Three Arrows Capital to New Wallet: Report

Liquidators Move Over 300 NFTs From Bankrupt Crypto Hedge Fund Three Arrows Capital to New Wallet: Report

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The court-appointed liquidator of Three Arrows Capital (3AC) is reportedly moving over 300 Starry Night Capital non-fungible tokens (NFTs) from 3AC wallets.

Starry Night Capital was launched by 3AC CEO Su Zhu and fellow co-Founder Kyle Davies with NFT collector VincentVanDough in 2021 to collect premium NFTs.

Bloomberg reports that VincentVanDough worked with Teneo to account for Starry Night Capital’s NFTs, which are now being transferred to or are already in the possession of the advisory firm.

Teneo, which was appointed by a British Virgin Islands court to liquidate 3AC, claims that Zhu and Davies do not cooperate in the liquidation process and accuses the duo of giving selective information about the beleaguered company’s assets.

The liquidator says it will likely continue working with VincentVanDough to oversee the disposal of the NFTs.

According to Blockchain data firm Nansen, one of the transferred NFTs is “Pepe the Frog NFT Genesis,” which was worth 1,000 Ethereum (ETH) when it was sold in October 2021 when ETH was worth around $3,500.

Singapore-based Three Arrows is among the crypto companies that have gone under as a result of the bear market. In July, a New York-based judge ruled that the remaining assets of 3AC will be frozen as part of its ongoing bankruptcy proceeding.

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Featured Image: Shutterstock/Aiolhoz/Nikelser Kate

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