Bankrupt crypto hedge fund 3AC’s NFT auction fetches $2.5M

Bankrupt Singapore Crypto Hedge Fund 3 Arrows Capital (3AC) Auctions Part Of Non-Fungible Token (NFT) Collection fetched $2.5 million at the end of May 19.

Brokered by art broker Sotheby’s, the collection for sale included Tyler Hobbs Fidenza #725, Lava Loves Autoglyph #187 and Tyler Hobbs Fidenza #861. The highest sale was his $1 million for Tyler Hobbs Fidenza #725.

Following the news, 3AC co-founder Kyle Davis said: I have written: “NFT’s Holy Grail Eyes Sotheby’s, Worldcoin Scans Millions of Eyeballs, Aptos Comes with Next Solana 3AC Portfolio” [Fire]”Previously, Davis I have written In response to the start of the auction, “Farewell Sweet Goose”.

At the same time, co-founder Su Zhu said in response to a journalist’s question about NFT liquidity, “I sent several people the results of the Sotheby’s auction, and the reply was *crickets*.” At the opening of the auction, Zhu quoted the English poet Alfred Tennyson.[Tis] It was better to love and lose than not love at all,” he said in response to the sale.

The NFT was recovered by 3AC’s liquidators after the hedge fund filed for bankruptcy in July 2022. At its peak, 3AC had an estimated $10 billion in assets under management before being hit hard by the ongoing crypto bear market. The company reportedly owes creditors a total of $3.5 billion.

3AC’s bankruptcy proceedings are currently underway. Recently, Zhu obtained a restraining order with a $6 million claim against his BitMEX co-founder Arthur Hayes, one of 3AC’s many creditors. Davis, meanwhile, seems to have turned his attention to the culinary world by opening a restaurant in Dubai. Davies and Zhu are the founders of his OPNX exchange, a platform for trading bonds of bankrupt cryptocurrency companies (such as 3AC). In an exchange earlier this month, It has been disciplined by Dubai regulators for failing to register in the Emirate of Dubai.

NFT Grail targeting Sotheby’s, Worldcoin scanning millions of eyeballs, Aptos the next Solana

3AC portfolio is on

— Kyle Davis (@KyleLDavies) May 20, 2023

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