As part of the bankruptcy proceedings of hedge fund Three Arrows Capital, more than 300 NFTs from the Starry Night collection have been moved to the Gnosis Safe wallet controlled by the liquidation commission.
Consulting firm Teneo, the liquidator of failed hedge fund Three Arrows Capital, has confirmed that all NFTs from the Starry Night collection have been placed under the liquidation commission. According to preliminary data, the total cost of the Starry Night collection could be about $35 million.
Seizure of NFTs is part of Teneo’s obligation to search for the bankrupt’s assets to recover creditors’ losses. Teneo referred to the voluntary help of a collector under the pseudonym Vincent Van Dough, who was hired by Three Arrows Capital in August 2021 to manage the Starry Night fund.
“Through a partnership with collector Vincent Van Dough (VVD), all Starry Night NFTs known to VVD are accounted for and are in our possession,” Teneo said in a statement.
Teneo said Wang Doe will also help with the subsequent NFT sale. However, it remains to be seen at what price the liquidator will be able to sell the NFT. In June, analytics platform DappRadar valued the Starry Night collection at $5 million. DappRadar’s current valuation is not much more than $3 million.
In August, the liquidators of Three Arrows Capital secured a key judgment in the Supreme Court of Singapore, which gives them the right to conduct a search and a full audit of the assets of the crypto fund.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
