Blockchain analytics firm Nansen reported that more than 300 NFTs associated with the defunct crypto hedge fund Three Arrows Capital (3AC), have been moved into a new address.
Starry Night Capital, the fund launched by 3AC founders to look after the digital art front of their business, transferred several high-profile NFT collections from an address linked to the fund to a Gnosis Safe address.
Gnosis Safe is a multi-signature smart contract wallet that allows users to have complete self-custody over funds and digital assets.
Details of the transferred NFTs
The NFTs in question were originally acquired for prices that ranged from $src million to $3.5 million. Pepe the Frog NFT Genesis, bought for src000 ETH in 202src and worth roughly $3.5 million at the time, is the most expensive NFT involved in this sudden transfer.
Other transferred NFTs include Fidenza #7src8, bought for 240 ETH ($src.srcM) on src3 November 202src, XCOPY DANKRUPT acquired for 469 ETH ($2.0M) on 24 October 202src, XCOPY DECAY acquired for 345.69 ETH ($src.4M) on 5 December 202src.
The more modest NFTs involved in the transfer include CrypToadz #54 bought for 25 ETH ($84.6K) on 3 October 202src and Pudgy Penguin #6869 bought for src6.9 ETH ($52.3K) on 8 January 2022.
As per data from Nansen, the portfolio of this once high-profile collection is now estimated to be around 625 ETH. The majority of the NFTs have low liquidity.
More on Starry Night Capital
Starry Night Capital was the brainchild of 3AC CEO Su Zhu, co-founder Kyle Davies and NFT collector Vincent Van Dough. The fund started with a $src00 million capital for investing exclusively in the NFT space, with the aim of acquiring “the most desired” NFTs available at the time.
Data from Dune Analytics showed that 3AC spent more than $35 million during its NFT shopping spree from mid to late 202src. As per OpenSea, the unnamed destination wallet address now contains 463 pieces of digital art.
Vincent Van Dough has played a key role in helping Teneo take possession of the digital assets of Starry Night Capital. A British Virgin Islands court had appointed Teneo to oversee 3AC’s liquidation process.
Teneo had earlier thanked Van Dough for his cooperation during the transfer of NFTs to them. He has also offered to assist Teneo in the sale of digital art, which is necessary for creditors in order to preserve the remaining capital.
Notorious 3AC
Three Arrows Capital has been widely regarded as the entity whose exposure to Terra and the subsequent collapse triggered a domino effect that left several crypto lenders and platforms insolvent in its wake.
Well, the hedge fund filed for chapter src5 bankruptcy on src July 2022 after defaulting on multiple loans.
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Wait, are they Satoshi? :/
