NFT auction of bankrupt crypto hedge fund 3AC fetches $2.5M

Bankrupt Singaporean cryptocurrency hedge fund Three Arrows Capital (3AC) auctioning off parts of its non-fungible token (NFT) collection were received $2.5 million in its finale on May 19.

Facilitated by fine art broker Sotheby’s, collectibles on sale include Tyler Hobbs Fidenza #725, Larva Labs Autoglyph #187 and Tyler Hobbs Fidenza #861. The highest sale amount was Tyler Hobbs Fidenza #725 at $1 million.

In response to the news, 3AC co-founder, Kyle Davis, wrote: “NFT grails Mooning on Sothebys, WorldCoin scanning millions’ eyes, Aptos next Solana 3AC portfolio is on (fire).” Earlier, Davis wrote “Farewell Sweet Goose” in response to the start of the auction.

At the same time, fellow co-founder Su Zhu said, “Some of them were sent Sotheby’s auction results, and the response to reporters’ inquiries about the liquidity of NFTs is *cricket*”. At the start of the auction, Zhu quoted the English poet Alfred Tennyson: “It is better to have loved and lost, than never to have loved” as a response to the sale.

The NFTs were recovered by 3AC’s liquidators after the hedge fund filed for bankruptcy in July 2022. At its peak, 3AC had reached an estimated $10 billion in assets under management, taking a hard hit from the ongoing cryptocurrency bear market. The firm reportedly owes creditors a total of $3.5 billion.

3AC’s bankruptcy proceedings are currently ongoing. Most recently, Zhu obtained a restraining order against BitMEX co-founder Arthur Hayes, one of 3AC’s many creditors, with an alleged claim of $6 million. Meanwhile, Davis has turned to the culinary arts, opening a restaurant in Dubai. Davis and Zhu are the founders of the OpenX exchange, a platform for trading claims from crypto firms (such as 3AC). Earlier this month, the Exchange Received a rebuke from Dubai regulators for allegedly failing to register in the emirate.

NFT Grails Moaning At Sotheby’s, Worldcoin Scanning Millions Of Eyeballs, Aptos The Next Solana

3AC portfolio on

— Kyle Davis (@KyleLDavies) May 20, 2023

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