Sotheby’s will auction NFTs of the bankrupt 3AC fund

The auction will start in May and run until the end of 2023

20.04.2023 - 11:35

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What’s new? Auction house Sotheby’s will sell a collection of non-fungible tokens (NFTs) seized from the bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC). The auction will begin in May and continue throughout 2023. Sotheby’s called NFTs from 3AC’s former Grails collection “some of the most significant digital artworks ever assembled.” They include CryptoPunk #6649, Ringers #879 by Dmitry Chernyak, Fidenza #725 by Tyler Hobbs, and Autoglyph #187.

Information on the Sotheby’s website

What else is known? Teneo, the liquidator of 3AC, announced its intention to sell NFTs, which are valued in the millions, in February. That said, Sotheby’s upcoming sale is not related to the sub-portfolio fund Starry Night Capital.

Starry Night was created by 3AC in partnership with prominent NFT collector Vincent Van Dough in August 2021. Tokens from this collection were moved to Gnosis Safe, a digital asset management platform, in October 2022 and are currently the subject of an application in the Virgin Islands court.

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

Teneo said that Sotheby’s was chosen as the seller of the collection because of its “best-in-class approach,” which would maximize the value of the assets for the benefit of lenders.

In early April, 3AC founders Zhu Su and Kyle Davies, along with CoinFLEX crypto exchange co-founders Mark Lamb and Sudhu Arumugam, launched the Open Exchange (OPNX) platform to trade claims on bankrupt crypto companies as well as derivatives.

It was originally to be called GTX, which would have been a reference to FTX. It was also expected that FTX creditors would transfer their rights to the assets to the new exchange.

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