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Shady things are afoot in the beleaguered world of bankrupt crypto hedge fund, Three Arrows Capital. Recently, it saw its significant ‘Starry Night’ NFT collection moving location to the digital version of a ‘safe house’.
Last year, Three Arrows came up with a grand plan to accumulate a $100 million NFT collection. As a result, setting up ‘Starry Night Capital’ to take care of their non-fungible business. Through this endeavour, the project spent an estimated $35 million on a series of high profile NFTs, all before Three Arrows wheels came off, leaving the company a remarkable $3.5 billion in debt.
NFTs previously collected by Starry Night Capital are moving to a Gnosis Safe address.
These NFTs include:
– Pepe the Frog NFT Genesis, sold for 1,000 ETH (~$3.5M) on Oct 5, 2021
– Fidenza #718, sold for 240 ETH (~$1.1M) on Nov 13, 2021Some other notable NFTs below👇 pic.twitter.com/8PU13CqMnn
— Nansen 🧭 (@nansen_ai) October 4, 2022
Now, as investigators take a closer look at Three Arrows wheeling and dealings, the treasure trove of artworks and collectibles has begun to move, with data analytics firm Nansen reporting that 383 assets had moved to a Gnosis Safe address. Essentially, an ultra-secure crypto wallet that requires several unique signatures to access, meaning that the actions represent a coordinated move to relocate the collection of NFTs.
According to sources, the collection contains numerous high value NFTs, including a Pepe the Frog genesis NFT, several CryptoPunks, and 3 original XCOPY artworks. However, highlighting the poor investment decisions that got Three Arrows Capital where they are today, Nansen now values the entire collection at an estimated $846k.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
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