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3AC Liquidators to Sell Multimillion-Dollar Portfolio of Seized NFTs
Teneo, the liquidator for the bankrupt crypto hedge fund, has listed out hundreds of NFTs that are subject to a forthcoming sale.
By Rosie Perper
Updated Feb 24, 2023, 4:27 p.m. Published Feb 24, 2023, 6:48 a.m.
Teneo, the liquidator for bankrupt crypto hedge fund Three Arrows Capital (3AC) has published a notice outlining its intent to sell an expansive list of non-fungible tokens (NFT) estimated to be worth millions of dollars.
The Singapore-based firm filed for bankruptcy in July and estimated its assets at around $1 billion, according to a document obtained by The Block. The filing reportedly noted that assets included NFTs worth about $22 million.
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On Wednesday, Teneo said it planned to sell certain seized NFTs "to realize the value of the NFTs for the purposes of the liquidation." The liquidator said it will begin taking the necessary steps to sell the NFTs within 28 days.
Teneo noted that the NFTs listed were not related to Starry Night Capital's NFT portfolio, a fund set up by 3AC in partnership with well-known NFT collector Vincent Van Dough in August 2021 to assemble "the world’s finest collection of CryptoArt," according to its now-defunct Twitter account. The NFTs in that collection were moved to a Gnosis Safe in October and are "presently subject to an application before the Eastern Caribbean Supreme Court in the High Court of Justice in the British Virgin Islands."
According to Wednesday's filing, there are hundreds of NFTs subject to the sale, including NFTs from the Bored Ape Kennel Club, Autoglyphs, Chromie Squiggles, CryptoPunks, Fidenza, Nimbuds and Ringers collections. Estimates for just a portion of the NFTs listed by Teneo based on current floor prices are around $9.8 million at the time of writing.
Liquidators managed to seize $35.6 million from 3AC’s bank accounts in Singapore in December though the firm still owes billions to creditors.
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