Liquidators sell Three Arrows Capital’s NFT for a refund!
Liquidators sell Three Arrows Capital’s NFT for a refund!
A notice posted last Wednesday reported that Three Arrows Capital’s liquidators would offer to sell the bankrupt company’s prized NFT pool.
This step comes as the party supervising the liquidation intensifies its efforts to recover the $3.5 billion owed to its creditors.
According to Teneo, the NFT offloading process will start after March 23, 2023.
While the notice did not specify which NFTs will be sold, analyst Tom Wan predicted that the NFTs that will be offered for sale will be high-profile NFTs such as the following:
Bored Ape Yacht Club, Mutant Ape Yacht Club (MAYC), and Cryptopunks.
The same source clarified in its notification that the sale will take place for the purpose of liquidation.
The liquidators made it clear that the NFT that could be sold would not include those in the “Starry Night Portfolio.”
This is because the NFT in this wallet, while being transferred as part of the bankruptcy proceedings, is currently subject to an application filed in the BVI High Court.
bankruptcy effect:
As the bankruptcy process continues, entering its eighth month, members of the community have expressed their deep dissatisfaction with the actions of the Three Arrows Capital team.
Earlier, 3AC founder Su Zhu was recently called out on Twitter when he accused Digital Currency Group (DCG) of conspiring with FTX to undermine Terra.
However, members of the crypto community criticized Su Zhu, pointing out his actions.
Three Arrows Capital filed for bankruptcy in July 2022 in an effort to protect its assets in the United States, while it liquidated its assets in the Bahamas, according to reports.
Three Arrows Capital had nearly $10 billion in assets when the company was at its peak.
Three Arrows Capital was one of the first to file for bankruptcy after the collapse of the stablecoin TerraUSD and sister currency Luna.
The collapse of Three Arrows Capital had disastrous consequences for the larger cryptocurrency ecosystem, affecting a host of other companies, such as Genesis Global Trading.
