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Some of the non-fungible tokens (NFTs) once held by bankrupt Singaporean crypto hedge fund Three Arrows Capital (3AC) will be put up for sale as part of efforts to retrieve funds for its creditors, according to the failed company’s liquidators.
Christopher Farmer, a senior managing director at consultancy Teneo, said in a statement that “the Joint Liquidators intend to take steps to commence the sale of certain Non-Fungible Tokens … in their possession and control and which are beneficially owned and belonging to the Company”.
“The purpose of the Sale is to realise the value of the NFTs for the purposes of the liquidation. The necessary steps are expected to commence within 28 days of this notice and in any event, after 23 March 2023,” according to Farmer.
For the avoidance of doubt, the joint liquidator added that the forthcoming NFT will not be related to the list of tokens “informally referred to as the ‘Starry Night Portfolio’ which is presently subject to an application before the Eastern Caribbean Supreme Court in the High Court of Justice in the British Virgin Islands”.
In June 2022, Teneo was appointed by a British Virgin Islands court to serve as the collapsed crypto hedge fund’s liquidator. 3AC is said to owe more than USD 3.5bn in unsecured claims to its creditors
Meanwhile, earlier this month, Su Zhu and Kyle Davies, 3AC’s two founders, kicked off a new platform for trading in crypto-related bankruptcy claims. The new trading venture, named Open Exchange, has already opened its waitlist for interested users who want to put their claims up for sale, as announced by Su Zhu, who is the former CEO of the bankrupt crypto hedge fund.
In a series of tweets outlining the latest move, Zhu declared that he and Davies considered they were obliged to “build something that takes all the pain/lessons & uses it to advance crypto.” The collapse of the crypto exchange FTX has spurred an opportunity for a new exchange benefiting from “a great trading UI” to enter the market, he said.
Zhu’s declaration has triggered various reactions, with numerous commentators doubting whether 3AC’s co-founders were qualified to launch a new crypto-focused venture shortly after their previous company’s implosion played a major role in dragging crypto prices to new lows. Zhu has admitted that 3AC had taken massive bets on the continued appreciation of cryptocurrency prices, a strategy which turned out to be erroneous.
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