Hundreds of non-fungible tokens (NFTs) collected by Starry Night Capital have been transferred to a new wallet. The NFT fund of insolvent crypto hedge fund Three Arrows Capital (3AC) bought the tokens in 2021. 3AC filed for bankruptcy earlier this year, after being hit by the collapse of the Terra ecosystem and the crypto winter that followed. Now its liquidator, Teneo, says the tokens are transferring into his hands.
Starry Night Capital Fund’s NFT collection moved to Gnosis secure address
NFTs from a premium collection owned by Starry Night Capital, including Cryptopunks among other valuable collectibles, are moving to a new wallet, cryptanalytic firm Nansen revealed on Twitter. More than 300 tokens out of a total exceeding 400 NFTs were transferred to a Gnosis Safe account, a multi-signature Ethereum wallet.
The Starry Night Capital NFT Fund was established last year by crypto hedge fund Three Arrows Capital and an NFT collector under the pseudonym Vincent Van Dough. Their original intention was to raise some $100 million in order to acquire tokens from popular NFT collections and top artists.
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NFTs previously collected by Starry Night Capital are transferred to a Gnosis Safe address.
These NFTs include:
– Pepe the Frog NFT Genesis, sold for 1,000 ETH (~$3.5 million) on October 5, 2021
– Fidenza #718, sold for 240 ETH (~$1.1M) on November 13, 2021
Some other notable NFTs below👇 pic.twitter.com/8PU13CqMnn
— Nansen 🧭 (@nansen_ai) October 4, 2022
In a statement quoted by Bloomberg and Crypto Media, Teneo, the liquidator of 3AC, said that through the cooperation of Vincent Van Dough, “all Starry Night Capital NFTs of which VVD is aware have been accounted for and are in our possession or are in the process of being transferred”. ours.” The company has indicated it is interested in selling them, saying it will likely work with Vincent Van Dough to oversee their disposal.
Transferred NFTs now include Pepe the Frog NFT Genesis, sold for 1,000 ETH (approx. $3.5 million) on October 5, 2021 and Fidenza #718, sold for 240 ETH (approx. $1.1 million) on November 13 2021, several Cryptoart NFTs by artist XCOPY, sold between $1.4 and $2.3 million in December, and the AI generated Nude Portrait #7 Frame #184 by Robbie Barrat, sold for $1.1 million in ether.
Also among them are a few Cryptoadz – Cryptoadz #5634 (135 ETH) and Cryptoadz #54 (25 ETH) sold in October – Meridian #684 and Meridian #171 (priced at 90 and 80 ETH respectively), and several Pudgy Penguins, including including Pudgy Penguin #6869, which was sold for 16.9 ETH on January 8, 2022, Nansen detailed in his tweets on Tuesday.
According to the company, the current value of their wallet is estimated at 625 ETH (less than $840,000 at the time of writing, a valuation well below their sale value), based on the 24-hour median price or rate. of price over seven days without sale. have been made within the last 24 hours. The analytics firm pointed out that 89% of NFTs have low liquidity, with fewer than 35 sells in the last seven days.
Three Arrows Capital found itself in trouble after the collapse of Terra UST and LUNA. The fund had invested millions of dollars in the Terra ecosystem and its founders, Su Zhu and Kyle Davies, blamed the exposure for the crisis.
“What we didn’t realize was that Luna was capable of going down to effective zero within days and that would catalyze an industry credit crunch that would put significant pressure on all of our illiquid positions,” he said. Zhu said in an interview with Bloomberg in July, while admitting that the team may have liked Terra co-founder Do Kwon too much.
3AC filed for bankruptcy in June. It was threatened with liquidation following a court ruling in the British Virgin Islands and an investigation by financial and judicial authorities in Singapore. Teneo has been appointed by a court in the British Virgin Islands to liquidate Three Arrows Capital and the Singapore High Court has granted its request for greater insight into 3AC’s assets.
Do you expect Starry Night Capital’s collection NFTs to sell out in the near future? Share your thoughts on the subject in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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