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3AC liquidators to auction seized NFT portfolio worth millions

Winnie Kimeu

Writer, News

Feb 24, 2023 at 04:47

Teneo, the liquidator for the failed crypto fund Three Arrows Capital (3AC), has announced the sale of NFTs worth millions.

Three Arrows Capital (3AC) NFTs
Three Arrows Capital (3AC) NFTs

3AC, which is based in Singapore, filed for bankruptcy in July 2022, claiming to have assets worth around $1 billion. Among those assets are NFTs worth an estimated $22 million.

These NFTs are set to go up for sale within the next 28 days, as Teneo seeks to generate funds for the liquidation process.

CryptoArt NFT collection not for sale

The NFTs listed by Teneo are unrelated to Starry Night Capital’s NFT portfolio, a joint venture between 3AC and renowned NFT collector Vincent Van Dough. The partnership aimed to build “the world’s finest collection of CryptoArt,” but the NFTs from that portfolio were moved to a Gnosis Safe in October 2021. They are now awaiting a verdict from the Eastern Caribbean Supreme Court.

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Starry Night Capital's NFT portfolio,
Starry Night Capital’s NFT portfolio – Sample GIF

Teneo is also gearing up to sell hundreds of highly coveted NFTs from Autoglyphs, Chromie Squiggles, CryptoPunks, Fidenza, Nimbuds, and Ringers. Based on current floor prices, some of these NFTs are worth around $9.8 million.

Liquidators were able to recover $35.6 million from 3AC’s bank accounts in Singapore in December 2022. However, the bankrupt company still owes billions of dollars to creditors.

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