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Hundreds of non-fungible tokens (NFT) collected by Starry Night Capital have been transferred to a new wallet. The NFT fund of insolvent crypto hedge fund Three Arrows Capital (3AC) bought tokens in 2021. 3AC filed for bankruptcy earlier this year, after taking a hit from the collapse of the Terra ecosystem and the subsequent crypto winter. Now its liquidator, Teneo, says the tokens are being transferred into its hands.
NFTs from a premium collection belonging to Starry Night Capital, featuring Cryptopunks among other valuable collectibles, are moving to a new wallet, crypto analytics firm Nansen revealed on Twitter. More than 300 tokens out of a total of over 400 NFTs have been transferred to a Gnosis Safe account, a multi-signature Ethereum wallet.
The Starry Night Capital NFT fund was established last year by crypto hedge fund Three Arrows Capital and an NFT collector under the pseudonym Vincent Van Dough. Their original intention was to raise around $100 million to acquire tokens from popular NFT collections and prominent artists.
NFTs previously collected by Starry Night Capital are moving to a Gnosis Safe address.
These NFTs include:
– Pepe the Frog NFT Genesis, sold for 1000 ETH (~$3.5 million) October 5, 2021
– Fidenza #718, sold for 240 ETH (~$1.1 million) November 13, 2021Some other notable NFTs below👇 pic.twitter.com/8PU13CqMnn
— Nansen 🧭 (@nansen_ai) 4 October 2022
In a statement cited by Bloomberg and crypto media, Teneo, 3AC’s liquidator, said that thanks to Vincent Van Dough’s cooperation, “all Starry Night Capital NFTs, known to VVD, have been accounted for and are in our possession or being transferred to us .” The firm indicated it wants to sell them and said it would likely work with Vincent Van Dough to oversee the disposal.
The NFTs now transferring include Pepe the Frog NFT Genesis, sold for 1000 ETH (about $3.5 million) on October 5, 2021 and Fidenza #718, sold for 240 ETH (about $1.1 million) on November 13 2021, several Cryptoart NFTs by artist XCOPY, sold for between $1.4 and $2.3 million in December, and AI generated Nude Portrait #7 Frame #184 by Robbie Barrat, sold for $1.1 million in ether.
Among them are also a few Cryptoadz — Cryptoadz #5634 (135 ETH) and Cryptoadz #54 (25 ETH) sold in October — Meridian #684 and Meridian #171 (priced at 90 and 80 ETH respectively), and several Pudgy Penguins, including Pudgy Penguin #6869, which sold for 16.9 ETH on January 8, 2022, Nansen said in his tweets on Tuesday.
According to the company, their current estimated portfolio value is 625 ETH (less than $840,000 at the time of writing, a much lower valuation than the sale value), based on the 24-hour median price or seven-day price course where no sales were made in the last 24 hours . The research firm pointed out that 89% of NFTs have low liquidity, with less than 35 sales in the last seven days.
Three Arrows Capital found itself in trouble after the collapse of Terra UST and LUNA. The fund had invested millions of dollars in the Terra ecosystem, and its founders, Su Zhu and Kyle Davies, blamed the exposure for the crisis.
“What we didn’t realize was that Luna was capable of falling to effective zero in a matter of days, and that this would catalyze a credit crunch in the industry that would put significant pressure on all of our illiquid positions,” Zhu said in an interview with Bloomberg in July, while also admitting that the team may have been too fond of Terra’s co-founder Do Kwon.
3AC filed for bankruptcy in June. It faced liquidation from a court order issued in the British Virgin Islands and an investigation by financial and judicial authorities in Singapore. Teneo was appointed by a court in the British Virgin Islands to liquidate Three Arrows Capital and the Singapore High Court granted the petition to gain greater insight into 3AC’s assets.
Do you expect the NFTs from Starry Night Capital’s collection to be sold in the near future? Share your thoughts on the topic in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
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