Nftnews Today Three Arrows Capital fund moves over 300 NFTs to a new address
Starry Night time Capital, a nonfungible token (NFT)-focused fund launched by the co-founders of the now-bankrupt hedge fund Three Arrows Capital (3AC), has moved over 300 NFTs out of its tackle, in response to stories.
Starry Night time Capital was based final yr by Su Zhu, Kyle Davies and pseudonymous NFT collector Vincent Van Dough. On the time, the fund deliberate to solely spend money on “essentially the most desired” NFTs in the marketplace.
Blockchain knowledge supplier Nansen on Oct. 4 on Twitter famous that the NFTs had been reportedly shifted from a pockets related to the fund, together with Pepe the Frog NFT Genesis, which offered for 1,000 Ether (ETH) in October final yr, price $3.5 million on the time.
Nansen mentioned the NFTs beforehand collected by Starry Night time Capital are transferring to a Gnosis Protected tackle.
Gnosis Protected is a platform used to handle digital belongings on Ethereum, giving customers full self-custody over funds and digital belongings.
A report from Bloomberg estimates that the Starry Night time Capital assortment’s whole worth sits at round $35 million.
NFTs beforehand collected by Starry Night time Capital are transferring to a Gnosis Protected tackle.
These NFTs embody:
– Pepe the Frog NFT Genesis, offered for 1,000 ETH (~$3.5M) on Oct 5, 2021
– Fidenza #718, offered for 240 ETH (~$1.1M) on Nov 13, 2021
Another notable NFTs beneath pic.twitter.com/8PU13CqMnn
— Nansen (@nansen_ai) October 4, 2022
It comes months after the Singapore-based crypto hedge fund 3AC was ordered into liquidation by a courtroom within the British Virgin Islands, resulting in the appointment of liquidation agency Teneo, which has gained management of at the least $40 million of 3AC belongings to date, Cointelegraph reported in August.
That sum, nevertheless, accounts for under a tiny fraction of the 3AC’s debt to its collectors, which quantities to at the least $2.8 billion.
The NFT transfers got here virtually 4 months after Starry Night time Capital’s foremost crypto pockets moved virtually all of its digital tokens to a brand new tackle.
The Singapore-based crypto hedge fund grew to become one of many many crypto companies that went bankrupt following the collapse of the Terra ecosystem earlier this yr. The corporate, which as soon as had over $10 billion in belongings beneath administration, finally filed for a Chapter 15 chapter on July 1 in a New York courtroom.
The journalist is a writer and digital nomad. Loves thinking, learning, and writing about all things Web3, particularly its impact on major creative industries.