Bankrupt 3AC Raises $2.5 mn Via NFT Auction
On May 19, a $2.5 million auction for non-fungible tokens (NFTs) from the bankrupt Singaporean cryptocurrency hedge fund Three Arrows Capital (3AC) concluded. The auction was facilitated by Sotheby’s, the renowned fine arts broker, and featured notable collectibles such as Tyler Hobbs Fidenza #725, Larva Labs Autoglyph #187, and Tyler Hobbs Fidenza #861. Tyler Hobbs Fidenza #725 was the most expensive piece, selling for a whopping $1 million.
Following the announcement, Kyle Davies, co-founder of 3AC, expressed excitement, citing the market’s increasing value of NFTs. He wrote, “NFT grails mooning on Sothebys, WorldCoin scanning millions of eyeballs, Aptos the next Solana 3AC Portfolio is on [Fire].” Davies had posted “Farewell sweet Goose” before the auction, alluding to the start of the event.
The auctioned NFTs were recovered by liquidators after 3AC declared bankruptcy in July 2022. Before succumbing to the challenges posed by the ongoing cryptocurrency bear market, the hedge fund managed an estimated $10 billion in assets. The company currently owes creditors $3.5 billion.
(With inputs from Shikha Singh)
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