The Singapore-based Three Arrows Capital is still in bankruptcy proceedings and reportedly owes its creditors an estimated $3.5 billion. However, the bankrupt crypto hedge fund manager recently cautioned a significant portion of its non-fungible tokens (NFT) collections which fetched the embattled firm a whopping $2.5 million in profits.
3AC Reveals NFT Auction
According to reports, the bankrupt Singaporean crypto trading platform completed its auction for part of its NFT on May 19. Sotheby’s, the renowned fine arts broker, oversaw an extraordinary NFT auction featuring a remarkable collection of digital treasures.
Among the coveted items for sale were the highly regarded Tyler Hobbs Fidenza #725, the captivating Larva Labs Autoglyph #187, and the mesmerizing Tyler Hobbs Fidenza #861. Surprisingly, the enigmatic Tyler Hobbs Fidenza #725 stole the show, fetching an enormous sum of $1 million, setting a new record for the highest sale amount.
Reacting to the recent developments, Kyle Davies, one 3AC’s co-founders, expressed his delight at the amount realized from the sales. He shared his thoughts, saying, Aptos, an upcoming Solana 3AC Portfolio, has enormous potential.”
Before the auction, Davies bid farewell to the cherished entity by writing “Farewell sweet Goose,” showcasing his emotional attachment to the event. Simultaneously, another co-founder, Su Zhu, shared his observations after receiving Sotheby’s auction results.
In response to journalists’ inquiries regarding the NFTs’ liquidity, Zhu humorously remarked, “Sent a few of them the Sothebys auction results, and the response is utter silence, like the sound of crickets.”
The Bankruptcy Battle
Following 3AC’s declaration of bankruptcy in July 2022, the liquidators responsible for managing the financial affairs of the hedge fund retrieved the NFTs. Once part of 3AC’s impressive portfolio, these digital collectibles were sold amidst challenging circumstances.
At the height of its success, 3AC managed an estimated $10 billion worth of assets. Unfortunately, it faced substantial losses and eventual collapse following the endless crypto market winter.
Due to the market downturn, the firm finds itself indebted to various creditors for up to $3.5 billion. This significant liability adds to the complexity of the bankruptcy proceedings and underscores the magnitude of the financial setback experienced by 3AC.
The firm’s bankruptcy proceeding is still ongoing. In a recent development, Su Zhu took proactive measures to protect his interests by obtaining a restraining order against Arthur Hayes, co-founder of BitMEX and one of the numerous creditors of 3AC.
On the other hand, Kyle Davies has explored a new avenue of creativity. Davies ventured into the world of culinary arts and established an exquisite restaurant in the vibrant city of Dubai.
The 3AC co-founders, Kyle Davies and Su Zhu, are renowned for their active involvement with the OPNX exchange. This pioneering platform facilitates trading claims associated with distressed cryptocurrency firms, including 3AC.
