BitcoinWorld

Latest News

3AC Liquidators to Sell Multi-Million Dollar Portfolio of Seized NFTs

Teneo, the liquidator for the collapsed crypto hedge fund, has identified hundreds of NFTs that will be sold in the near future.

Teneo, the liquidator for insolvent crypto hedge firm Three Arrows Capital (3AC), has released a notice stating its intention to sell a large number of non-fungible tokens (NFTs) valued in the millions of dollars.

According to a document acquired by The Block, the Singapore-based corporation filed for bankruptcy in July and assessed its assets to be about $1 billion. According to the statement, assets included NFTs valued at around $22 million.

Teneo said on Wednesday that it will sell certain confiscated NFTs “to realize the value of the NFTs for the purposes of the liquidation.” The liquidator stated that it will begin the process of selling the NFTs within 28 days.

Teneo pointed out that the NFTs listed were not related to Starry Night Capital’s NFT portfolio, a fund established in August 2021 by 3AC in collaboration with well-known NFT collector Vincent Van Dough to build “the world’s finest collection of CryptoArt,” according to its now-defunct Twitter account. The NFTs in that collection were relocated to a Gnosis Safe in October and are “now subject to an action before the Eastern Caribbean Supreme Court in the British Virgin Islands’ High Court of Justice.”

Hundreds of NFTs are up for sale, according to the filing on Wednesday, including NFTs from the Bored Ape Kennel Club, Autoglyphs, Chromie Squiggles, CryptoPunks, Fidenza, Nimbuds, and Ringer’s collections. At the time of writing, estimates for just a subset of the Teneo-listed NFTs based on current floor pricing are roughly $9.8 million.

In December, liquidators were able to confiscate $35.6 million from 3AC’s bank accounts in Singapore, despite the fact that the company still owes creditors billions of dollars.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.