3AC NFT Collection Sold for $2.5M in Auction
- The NFT collection owed by the bankrupt crypto hedge fund, Three Arrows Capital, or 3AC, has fetched $2.5M in auction.
- The auction was facilitated by one of the world’s largest fine arts brokers, Sothby, and concluded on May 19.
- The NFT collection included Tyler Hobbs Fidenza #725, Larva Labs Autoglyph #187, and Tyler Hobbs Fidenza #861.
- The highest sale was Tyler Hobbs Fidenza #725, which fetched around $1 million as the auction ended.
- The bankrupt firm owes $3.5 billion to its creditors.
In the 2022 crypto market bear run, the crypto community witnessed the collapse of many crypto firms, which was initiated by the collapse of a major crypto ecosystem, the Terra project. Many companies announced their exposure to Terra and its native stablecoin, UST (now USTC). One of the companies that filed for bankruptcy in 2022 was Three Arrows Capital, also known as 3AC, a Singapore-based cryptocurrency hedge fund that claimed a net asset value of $18 billion in its last public statement.
While the company owes around $3.5 billion to its creditors, the recent auction of the NFT collection owned by 3AC fetched close to $2.5 million at its conclusion on May 19. The auction was facilitated by one of the world’s largest fine arts brokers, Sothby, a British-founded American multinational corporation headquartered in New York.
The NFT collection belonging to 3AC included prized NFT pieces like Tyler Hobbs Fidenza #725, Larva Labs Autoglyph #187, and Tyler Hobbs Fidenza #861. The most expensive was the Tyler Hobbs Fidenza #725 that fetched around $1 million, close to 50% of the entire sum raised from the auction.
While commenting on the auction, the co-founder of 3AC, Kyle Davies, stated:
“NFT grails mooning on Sothebys, WorldCoin scanning millions of eyeballs, Aptos, the next Solana 3AC Portfolio is on [Fire].
When the auction was first announced, Davies wrote “Farewell, sweet Goose” in response to the same. While 3AC owes around $3.5 billion to its creditors, the company’s plan is to sell its assets to repay the entities that it owes money to.
Su Zhu, the other co-founder of the bankrupt hedge fund, stated, “Sent a few of them the Sotheby’s auction results, and the response is *crickets*” in response to the inquiries on the liquidity of the 3AC NFT collection. When the auction was initiated, Zhu quoted English poet Alfred Tennyson, “[Tis] better to have loved and lost than to have never loved at all” as a response to the sale.
The hedge fund filed for bankruptcy in June 2022, and the NFTs were recovered during the same period. At its peak, the company had over $10 billion in AUM, or assets under management, and afterwards, 3AC was hit hard by the collapse of the Terra ecosystem and the crypto bear market.
It is also important to mention here that recently, Zhu secured a restraining order against BitMEX co-founder Arthur Hayes. Hayes is one of the many creditors of 3AC, with a reported claim of $6 million. Meanwhile, Davies has opened a restaurant in Dubai. The two co-founders of 3AC recently debuted the OPNX exchange, a platform for trading claims of fallen crypto firms like 3AC.
As reported earlier by BitcoinWisdom, the liquidators of 3AC claimed that the co-founders were withholding information and not cooperating with the proceedings. On the other hand, the two were subpoenaed on Twitter due to the unknown location after the Singaporean authorities granted permission to liquidators. The liquidators of 3AC want to access the information, seed phrases, and private keys for the former hedge fund’s digital and fiat assets.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
