Saturday, December 3, 2022
HomeTechnologyThree Arrows Capital moves NFTs to new address

Three Arrows Capital moves NFTs to new address

 Three Arrows Capital, a bankrupt hedge fund, has recently relocated its NFTs. Last year, the company’s founders, along with pseudonymous collector Vincent Van Dough, founded Starry Night Capital—an NFT-focused fund.

According to Nansen data, the NFTs gathered by Starry Night Capital were transferred to Gnosis Safe—a platform that provides users with total self-custody of monies and digital assets. Among the notable NFTs were ‘Pepe the Frog NFT Genesis,’ which sold for 1000 Ethereum in October last year, ‘Fidenza 718,’ which sold for 240 Ethereum in November last year, and ‘Some Other Asshole,’ which sold for 550 Ethereum in December last year. The NFTs have changed addresses for the first time in almost four months, according to blockchain statistics.


According to the liquidator, all of Starry Night Capital’s NFTs “have been accounted for and are in our custody or are being transferred to us.” Teneo thanked Vincent Van Dough for his assistance with the NFT transition. As well as prohibiting their sale outside of the liquidation process. According to Teneo, the unnamed collector will help the company sell the NFT collection. In order to recompense Three Arrows Capital for its losses.

Three Arrows Capital, a well-known crypto hedge fund, declared bankruptcy in May. Following a significant financial loss on Terra’s UST and LUNA ecosystems. Su Zhu and Kyle Davies, founders of Three Arrows Capital, also cited recent losses. The Grayscale Bitcoin Trust and staked Ethereum were used.

In August 2021, Three Arrows and Vincent Van Dough launched the $100 million Starry Night fund and then went on a spending frenzy, acquiring a slew of high-value Ethereum assets. The fund was made public after it purchased an Art Blocks Ringers NFT from artist Dmitri Cherniak for $5.66 million in ETH.

Furthermore, it is difficult to assign a current value to some of the NFTs because many are limited-edition works of art or are part of collections with low liquidity. The combined value of the more liquid assets, according to Nansen, is 625 ETH, or around $846,000, however over 89% of the NFTs have poor liquidity. Many of the assets appear to have been overvalued in comparison to their initial purchase values.

Overall, the NFT market has lost a significant amount of value since its peak last fall. As the crypto market began to tumble in May, the estimated value of several “blue chip” NFT assets plunged precipitously. Similarly, overall market trading volume has decreased dramatically in recent months, despite the fact that several million NFTs are still traded.

Three Arrows Capital was one of the most well-known crypto hedge funds until it abruptly failed in May, as a result of the quick depreciation of Terra’s LUNA and UST tokens and the resulting cascade repercussions on the entire crypto ecosystem. Su Zhu and Kyle Davies, the company’s founders, blamed its problems on Terra, staked Ethereum, and the Grayscale Bitcoin Trust.

In June, the company filed for Chapter 15 bankruptcy, and creditors reported in July that Three Arrows’ Singapore office had been closed and the founders were missing. Following its demise, the company owed creditors $3.5 billion, with Zhu purportedly owning a $1.4 billion share in the offshore vehicle that housed the company’s assets.

Read more at Cryptoshrypto:


To get daily updates & trending news on crypto follow us on:







Please enter your comment!
Please enter your name here

eight + five =

- Advertisment -

Most Popular