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Three arrows capital executor teneo announced that they would sell the prized NFT of the bankrupt company to help recover the more than 3.6 billion dollars owed to creditors.
The company's bankrupt NFT collection includes a host of premium NFT from various collections, including the annoyed monkey yacht club (bayc) and cryptopunks.
Prized NFTs On The Chopping Block
Three Arrows Capital liquidator Teneo is coming for the bankrupt firm’s prized NFT collection, according to a notice published on Wednesday. The movement comes as the executor intensifies his efforts to recover the 3.5 billion dollars owed to his creditors by the crypto hedge fund in bankruptcy. According to teneo, the unloading process would start after 23 March 2023. Whereas the notice did not identify the NFT for sale, an analyst, tom wan, He speculated that it might include nfts from premium NFT collections such as the annoyed monkey yacht club, mutant monkey boat club (mayc) and cryptopunks.
"3ac liquidator, teneo has announced that they will sell their nft participations (excluding starred nightlife portfolio). Potential NFTs Being Sold: - 11 Punks - 1 BAYC - 2 MAYC - 3 Otherdeeds - 3 Autoglphys - 8 PEGZ.”
Teneo clarified in its notice that the sale would be done to realize the value of the NFTs for the purpose of liquidation.
Disputed NFTs Not To Be Sold
However, the liquidators clarified that the NFTs that could potentially be sold would not include those from the “Starry Night Portfolio.” Indeed, the TNTs in this portfolio, although displaced in the context of the bankruptcy proceedings, are currently the subject of an application filed in the Supreme Court of the British Virgin Islands.
'The data collected earlier by the star-studded nocturnal capital is moving towards a safe address of gnosis. These ETFs include - Pepe the Frog NFT Genesis, sold at a price of EPF 1,000 (~$3.5 million) on October 5, 2021 - Fidenza.
Community Members Upset
While the bankruptcy process rumbles on, entering its eighth month, community members have expressed considerable dissatisfaction over the actions of the Three Arrows Capital team. 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 community went after Zhu, reporting his actions.
More recently, community members went after a new exchange backed by Coinflex and Three Arrows Capital, vowing never to trade on the exchange. Three Arrows Capital had declared bankruptcy in July 2022 in a bid to protect its assets in the United States, while it undertook a liquidation of assets in the Bahamas, according to reports. Three capital arrows has nearly 10 billion dollars' worth of assets at its peak. However, he was one of the first companies to file for bankruptcy after stablecoin terrausd collapsed and his cryptocurrency sister, luna.
The collapse of three capital arrows has had devastating consequences on the broader crypto ecosystem, impacting a host of other enterprises, such as global trade in genesis.
