Bankrupt crypto hedge fund 3AC’s NFT auction fetches $2.5M
The auction for parts of bankrupt Singaporean cryptocurrency hedge fund Three Arrows Capital’s (3AC) nonfungible tokens (NFT) collection fetched $2.5 million at its conclusion on May 19.
Facilitated by fine arts broker Sotheby’s, collectibles on sale included Tyler Hobbs Fidenza #725, Larva Labs Autoglyph #187 and Tyler Hobbs Fidenza #861. The highest sale amount was Tyler Hobbs Fidenza #725 at $1 million.
In response to the news, Kyle Davies, co-founder of 3AC, wrote: “NFT grails mooning on Sothebys, WorldCoin scanning millions of eyeballs, Aptos the next Solana 3AC Portfolio is on [Fire].“ Previously, Davies wrote “Farewell sweet Goose” in response to the commencement of the auction.
At the same time, fellow co-founder Su Zhu said, “Sent a few of them the Sothebys auction results, and the response is *crickets*” in response to journalist inquiries on the liquidity of the NFTs. At the commencement of the auction, Zhu quoted English poet Alfred Tennyson: “[Tis] better to have loved and lost than to have never loved at all” as a response to the sale.
The NFTs were recovered by liquidators of 3AC after the hedge fund filed for bankruptcy in July 2022. At its peak, 3AC’s estimated assets under management reached $10 billion before being hit hard by the ongoing cryptocurrency bear market. The firm reportedly owes creditors a total of $3.5 billion.
3AC’s bankruptcy proceedings are currently ongoing. Recently, Zhu secured a restraining order against BitMEX co-founder Arthur Hayes, one of 3AC’s many creditors, with a reported claim of $6 million. Meanwhile, Davies appears to have turned to the culinary arts by opening a restaurant in Dubai. Davies and Zhu are founders of the OPNX exchange, a platform for trading claims of fallen crypto firms (such as 3AC). Earlier this month, the exchange received a reprimand from Dubai regulators for allegedly failing to register in the emirate.
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