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3AC to sell NFT
It was revealed on the 22nd that part of the NFTs (non-fungible tokens) held by the failed crypto asset (virtual currency) hedge fund Three Arrows Capital (3AC) will be sold. The estimated asset value of NFT to be sold is about 2 billion yen.
Teneo, the liquidator, said it “will sell certain seized NFTs” to realize the value of the NFTs as part of the liquidation process. The sale of certain NFTs owned by 3AC will commence after March 23rd.
According to the published documents, there are hundreds of NFTs to be sold, including 11 CryptoPunks (equivalent to about 1.5 billion yen), representative of blue chip (excellent) NFTs, and about 100 Art Blocks (equivalent to about 300 million yen). ) is included.
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Teneo also revealed that the NFTs to be sold will not include Starry Night Capital’s NFT portfolio. Starry Night Capital is an NFT fund launched in August 2021 by 3AC in partnership with prominent NFT collector Vincent Van Dough.
The Starry Night Capital collection, which was transferred to a Teneo-managed wallet address in October 2022, “is now subject to a bankruptcy petition to the Supreme Court of the Eastern Caribbean in the High Court of the British Virgin Islands.” added Teneo.
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3AC asset value
3AC defaulted on its debt due to the collapse of the Terra (LUNA/UST) ecosystem and filed for bankruptcy in the United States in July 2022.
According to documents obtained by The Block in December 2022, Teneo calculated 3AC’s assets at approximately $1 billion as of July 2022, and estimated the NFT’s asset value to be approximately $22 million. . That’s well below 3AC’s debt of over $3 billion.
In addition, due to the high volatility (price fluctuation range) of the cryptocurrency market and the large proportion of investments in illiquid assets in the 3AC portfolio, it is unclear what level of recovery will occur in the process of liquidation. is,” said Teneo.
Teneo reported on the progress of its liquidation process at a bankruptcy court hearing in December. It said it had seized cash totaling about ?4.8 billion ($35.6 million) from 3AC bank accounts in Singapore. In addition, it manages approximately 370 million yen (approximately 2.75 million dollars) for forced redemption of investments, Starkware tokens, 3AC exchange accounts, various virtual currencies, securities, and NFTs (non-fungible tokens). .
connection:Liquidator of Three Arrows Capital Reports on Status of Asset Seizure
Three Arrows Liquidation Company to Sell NFTs Worth 2 Billion Yen appeared first on Our Bitcoin News.
