Teneo, the insolvent crypto hedge fund’s liquidator, has produced a list of NFTS likely to be sold in the upcoming sale.
Teneo’s publication reveals its intention to sell a list of NFTs whose worth is estimated to be several millions of dollars. It is seeking to wind up the affairs of Three Arrows Capital (3AC), a crypto hedge fund declared bankrupt.
Liquidator Set to Recover Value by Selling Seized NFTs
A document whose contents were reported first by The Block showed that the embattled hedge fund applied for insolvency in July. The report adds that 3AC approximated its assets to be nearly 1 billion dollars. In addition, it also showed that the assets comprised NFTs worth nearly 22 million dollars.
A Wednesday statement by Teneo showed that the sale of specific NFTs would aid in realizing the additional value for the estate. Further, the February 22 update by the liquidator emphasized the need to initiate the NFTs sale within a month.
Exclusion of Starry Night Capital’s Portfolio from Sale
Also read:Additional information from Teneo revealed that the sale did not target NFTs within Starry Night Capital’s portfolio. The latter was created in August 2021 via a partnership between 3AC and Vincent Van Dough, a famous NFT collector.
A statement from the now-obsolete Twitter account showed that Starry Night Capital sought to gather the globe’s finest CryptoArt collection. In October, the NFTs contained in the collection were shifted to a Gnosis safe. The application presented to the Eastern Caribbean Supreme Court may affect the situation.
NFTs Sale Insufficient to Settle the Billion-Dollar Obligations Owed to Creditors.
A Wednesday filing showed that many NFTs are likely to be sold. Examples include Chromie Squiggles, Fidenza, Bored Ape Kennel Club, Nimbuds, and Autogluphs. At the time of writing, the approximations for some of Teneo’s listed NFTs are nearly 9.8 million dollars from the present floor prices.
In December, a total of 35.6 million dollars belonging to 3AC’s accounts was seized by liquidators. The amount seized and anticipated value of NFTs is still insignificant to the obligations owed to the creditors.
Editorial credit: T. Schneider / Shutterstock.com
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