3AC’s NFT Collection Auction Nets $2.5M amidst Bankruptcy Proceedings
In a surprising turn of events, 3AC bagged over $2 million from its NFT collection.
The struggling Singapore-based cryptocurrency hedge fund Three Arrows Capital (3AC) claimed $2.5 million from the auction of its non-fungible tokens (NFTs) on May 19th.
Overseen by the famous auction house Sotheby’s, the collection featured sought-after pieces, including Tyler Hobbs Fidenza #725, Larva Labs Autoglyph #187, and Tyler Hobbs Fidenza #861, with the first NFT fetching a whopping $1 million alone.
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Kyle Davies, 3AC’s co-founder, took to social media to express his reaction to the auction’s outcome, stating:
NFT grails mooning on Sotheby’s, WorldCoin scanning millions of eyeballs, Aptos the next Solana 3AC Portfolio is on <Fire>.
He had earlier posted a nostalgic message, “Farewell sweet Goose,” marking the beginning of the auction.
On the other hand, another co-founder of 3AC, Su Zhu, used poetry to articulate his sentiments about the auction, borrowing from Alfred Tennyson’s famous lines: “<Tis> better to have loved and lost than to have never loved at all.”
Liquidators recouped these NFTs after 3AC declared bankruptcy in July 2022. Once boasting a portfolio worth an estimated $10 billion, 3AC buckled under the weight of the ongoing crypto bear market, leaving a hefty $3.5 billion debt to its creditors.
Zhu recently procured a restraining order against BitMEX co-founder Arthur Hayes, who reportedly has a $6 million claim against the beleaguered 3AC.
In other news, at the end of March, US Bankruptcy Judge Martin Glenn issued a motion ordering Kyle Davies to answer to the previously issued subpoena or face consequences.
As the proceedings around 3AC’s bankruptcy carry on, the successful auction of its NFT collection provides a glimmer of hope for meeting its significant debt obligations. The evolving story serves as a stark reminder of the volatility of the crypto industry, even for seasoned players.