Three Arrows Capital (3AC), the first major crypto company to go bankrupt in 2022, is also starting to sell its NFT tokens to meet its debts. The liquidator shared which NFTs to use.
3AC debentures are sold in these NFT tokens
Three Arrows Capital (3AC) liquidator Teneo said in a new statement that it will begin the sale of some NFTs owned by the bankrupt company. Teneo explained that the purpose of the sales is to “cash the value of NFTs for liquidation purposes.” Sales are scheduled to begin in the next 28 days.
NFTs to be sold include CryptoPunks, Bored Ape, Otherdeeds, Autoglphys, etc. collections are included.
The liquidation firm said the sale would not affect its “Starry Night Portfolio” NFTs, which are currently “subject to an application before the Eastern Caribbean Supreme Court at the Supreme Court of Justice in the British Virgin Islands.” The Starry Night Portfolio contains over 300 NFTs that were moved to a Gnosis Safe address in October 2022. The portfolio was owned by NFT-focused 3AC subsidiary Starry Night Capital, which was launched in 2021 with the help of NFT collector Vincent Van Dough.
Why did Three Arrows Capital (3AC) crash? What went wrong?
At its peak, 3AC was one of the largest crypto companies that managed nearly $18 billion in crypto assets. The enormous sum was made possible by early investments in successful projects such as Ethereum (ETH) and Avalanche (AVAX). The bankruptcy of the hedge fund can be traced back to the collapse of LUNA and its algorithmic stablecoin, UST. 3AC held key positions in two assets worth roughly $560 million at the peak and around $600 after the price dropped to nearly zero in a matter of days.
cryptocoin.com As we reported, Three Arrows Capital reportedly owes more than $3.5 billion in total to more than 20 different companies:
- BlockFi: suffered huge losses after liquidating 3AC; Terms of purchase with FTX
- Voyager: loaned 3AC $650 million
- Genesis: lent $2.36 billion to 3AC
- Deribit: 3AC was an investor of DRB Panama; On 24 June they were forced to apply for liquidation to the British Virgin Islands.
- Blockchain.com: lent $270M to 3AC; 25% of staff were laid off
- Finblox: Where 3AC is an investor, forced to close withdrawals amid turmoil
NFT tokens will be spent to pay off debts
On June 29, a British Virgin Islands court ordered the liquidation of 3AC, which is currently overseen by consulting firm Teneo. According to court documents, Three Arrows Capital (3AC) owes $3.5 billion to 27 different companies, including Blockchain.com, Voyager Digital and lender Genesis Global Trading. The liquidator now has 3AC’s CryptoPunks, Bored Ape, Otherdeeds, Autoglphys, etc. to cover these debts. Beginning the sale of NFTs.
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