NFTs linked to 3AC have been moved to a new address – Details inside
Blockchain analytics firm Nansen reported that more than 300 NFTs linked to defunct crypto hedge fund Three Arrows Capital (3AC) have been moved to a new address.
Starry Night Capital, the fund launched by 3AC founders to take care of the digital art front of their business, transferred several high-profile NFT collections from an address associated with the fund to a Gnosis Safe address.
Gnosis Safe is a multi-signature smart contract wallet that allows users to have complete self-custody of funds and digital assets.
Details of the transferred NFTs
The subject NFTs were originally acquired for prices ranging from $1 million to $3.5 million. Pepe the Frog NFT Genesis, purchased for 1000 ETH in 2021 and worth approximately $3.5 million at the time, is the most expensive NFT involved in this sudden transfer.
Other transferred NFTs include Fidenza #718, purchased for 240 ETH ($1.1 million) on November 13, 2021, XCOPY DANKRUPT purchased for 469 ETH ($2.0 million) on October 24, 2021, XCOPY DECAY purchased for 345, 69 ETH Dec 2 ($214) ($214). .
The more modest NFTs involved in the transfer include CrypToadz #54 bought for 25 ETH ($84.6K) on October 3, 2021 and Pudgy Penguin #6869 purchased for 16.9 ETH ($52.3K) on January 8, 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 NFTs have low liquidity.
More about 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 capital of $100 million to invest exclusively in the NFT space, aiming to acquire “the most desirable” NFTs available at the time.
Data from Dune Analytics knew that 3AC spent more than $35 million during its NFT shopping spree from mid to late 2021. According to Open seathe 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 court in the British Virgin Islands had appointed Teneo to oversee 3AC’s liquidation process.
Teneo had previously thanked Van Dough for his cooperation during the transfer of NFTs to them. He has also offered to assist Teneo with the sale of digital art, which is necessary for creditors to preserve the remaining capital.
Notorious 3AC
Three Arrows Capital has been considered the entity whose exposure to Terra and subsequent collapse triggered a domino effect that left several crypto lenders and platforms insolvent in its wake.
Well, the hedge fund archived for Chapter 15 bankruptcy on July 1, 2022 after defaulting on several loans.
