Home » Business »
Teneo, the liquidation firm handling Three Arrows Capital’s (3AC) bankruptcy process, has disclosed that it had taken possession of non-fungible tokens (NFTs) belonging to the embattled digital assets hedge fund.
A Bloomberg report stated that the NFTs were related to Starry Night Capital, a fund created by 3AC co-founders. The report valued the holdings at around $35 million, a far cry from the $2.8 billion the firm owes its creditors.
Confirming that it was in possession of the digital collectibles, Teneo said it would begin selling the NFTs at a fair market value. The fund was created by the trio of Su Zhu, Kyle Davies, and Vincent Van Dough (VVD) with the central objective of “investing in the most desired NFTs.”
“We would like to make clear that VVD has cooperated with the joint liquidators in an effort to protect the value of these assets for the benefit of all relevant stakeholders and has sought to ensure that no Starry Night Portfolio assets would be disposed of improperly, or without the sanction of the BVI Court if required,” read the report.
The NFTs in question exceed 300, and on-chain data firm Nansen confirmed that the digital collectibles include highly sought-after NFTs like Pepe the Frog NFT Genesis that sold for $3.5 million last year.
NFTs previously collected by Starry Night Capital are moving to a Gnosis Safe address.
These NFTs include:
– Pepe the Frog NFT Genesis, sold for 1,000 ETH (~$3.5M) on Oct 5, 2021
– Fidenza #718, sold for 240 ETH (~$1.1M) on Nov 13, 2021
Some other notable NFTs below👇 pic.twitter.com/8PU13CqMnn
— Nansen 🧭 (@nansen_ai) October 4, 2022
Teneo was appointed by a British Virgin Islands court to liquidate the hedge fund’s assets, while a Singapore High Court conferred even greater powers to the liquidator. 3AC had been running operations since 2012, reaching a peak of $18 billion in digital assets before things fell apart in June after Terra’s collapse.
Creditors scan the horizon for hopeful eyes
Court documents reveal that 3AC creditors exceed over 20 well-known firms in the industry, some of which have suffered rough financial patches due to the firm’s implosion. BlockFi, a digital asset lender, paused withdrawals for its customers and has opened discussions with FTX over a potential acquisition, while Voyager and Genesis lent $650 million and $2.36 billion, respectively.
Others include Deribit, Blockchain.com, and Finblox, with debts running more than $1 billion. 3AC filed for bankruptcy in the British Virgin Islands and New York and has been horse-trading with liquidators since then.
“We remain optimistic that such parties will provide access to complete records and all relevant information to enable us to discharge our responsibilities fully in the interests of the creditors,” said a Teneo statement back in May.
Watch: The BSV Global Blockchain Convention presentation, NFTs: What Can We Do Better?
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.
Elliptic says that coin swaps cater almost exclusively to criminals and moved $1.2 billion while cross-chain bridges were used to move over $750 million.
Benjamin Diokno, who previously headed the central bank, believes that payment systems in the Philippines such as PesoNet are working just fine as it is.
In line with the rapid transformation of the entertainment industry, Dunamu Inc looks to boost its revenue while promoting further engagement between fans and K-pop idols through digital collectibles.
Seeking to address client demands amid soaring digital asset adoption rates, DZ Bank will offer custody services from scratch that will be closely affiliated with wholesale CBDCs.
Join the official Bitcoin SV Discord channel:
www.discord.gg/bsv
