
Sotheby’s is preparing to host an auction for a collection of confiscated non-fungible tokens (NFTs) from now-defunct crypto hedge fund Three Arrows Capital.
on wednesday Press releaseSotheby’s revealed it will auction the Grails collection, which includes digital artwork belonging to 3AC and its Starry Night Capital NFT-collectible fund, as a way for creditors to recover a portion of the $3 billion collapsed crypto fund. Is for.
Sotheby’s described the contents of the Grails collection as “some of the most important digital artifacts ever assembled,” describing “Grails” as a “unparalleled collection”.
This collection includes NFTs from some of Web3’s most notable artists and valuable projects.
Specifically, users will be able to take a chance to win “Chromy Squiggle #1780” by Snofrow, “The Golden Goose” by artist Dmitry Chernyak, Tyler Hobbs’s small-scale Fidenza #725, Larva Labs’ Zombie Cryptopunk #6649, and . Autoglyphs.
Sotheby’s Digital Art and Head NFT Michael Bohana.
As informed ofTeneo, the advisory firm overseeing 3AC’s liquidation, announced earlier this year that it plans to sell the firm’s NFTs as part of recovery efforts.
“The Joint Liquidators intend to take steps to commence the sale of certain NFTs in their possession and control that are beneficially owned and related to Three Arrows Capital,” the firm said in a memo.
according to statistics compiled According to Dune Analytics, which tracks 3AC’s NFTs held by liquidators, the collection is valued at $21 million. Meanwhile, the value of NFTs still held by 3AC is $2.4 million.
3AC’s Zhu Su and Kyle Davis’ new venture fails to gain momentum
Su Zhu and Kyle Davis, two of the founders of now-defunct crypto hedge fund Three Arrows Capital, have launched A new platform for trading crypto-related bankruptcy claims.
However, the venture, called Open Exchange, has failed to gain momentum despite Thriving Market for Bankruptcy Claims,
In a now-deleted tweet, Open Exchange acknowledged that its total volume in the first 24 hours was $13.64.
Firm’s CEO Leslie Lamb Explained This number is a result of the fact that it will attempt to build liquidity over time without relying on internal market makers. According to Lamb, the decision was made as a direct result of the collapse of FTX.
Furthermore, before the end of its first trading day, Open Exchange suffered another blow as its Twitter account was suspended for unknown reasons.
In July last year, 3AC filed for bankruptcyAnnouncing their business “fell in the face of extreme volatility in the cryptocurrency markets.”
Among others, 3AC reported large losses in May 2022 as a result of the collapse of the TeraUSD stablecoin.
In August 2022, the liquidators of the fund obtained Singapore court’s permission to get access to key records, to know more about the assets of the closed firm.