Three Arrows Capital (3AC) Reportedly Owns About $7.4m Worth Of NFTs
- There are reports that Three Arrows Capital (3AC) owns Bored Apes NFTs, Crypto Punks NFTs, and other popular NFT projects.
According to a tweet by a popular NFT Twitter account (@NFTgators), liquidated crypto firm, 3AC, owns several NFTs owned by popular projects like bored ape yacht clubs (BAYC), and Art Blocks Curated, and crypto punks.
3AC Owns Over $7m Worth Of NFTs
Analysis of the tweet shows that 3AC owns NFTs worth almost $7.4 million combined. Below are some of the NFTs owned by 3AC and their worth (in brackets)
· 11 Crypto Punks ($3m)
· 330 Art Blocks Curated ($2.48m)
· 1 BAYC ($61,000)
· 8 PEGZ ($613,000)
· 7 art blocks ($125,000)
· 7 Chromie Squiggle ($73,780)
· 2 Mutant Ape Yacht Club ($122.6, estimated amount)
· 3 Autographs ($304,000)
· 4 DeafBeefV2 ($564,000)
The reports of 3AC’s NFT assets became public within three days of the fund’s filing for bankruptcy. 3AC filed a chapter 15 bankruptcy in the US last Friday (July 2). There are unconfirmed reports that the fund made a bankruptcy filing to prevent its assets from liquidation.
Last week, a British Virgin Islands (BVI) court ordered the liquidation of all 3AC assets. Following the liquidation order last week, there were various media reports that one of the fund’s founders, Su Zhu, has put his $35m worth of mansion on the market for sale.
The mansion is located in Singapore in the trust of one of his kids. There were also unconfirmed reports that Zhu instructed that the money generated from the mansion’s sale should be kept in a Dubai bank.
Some Hurdles To Jump
Meanwhile, creditors and liquidators interested in buying 3AC’s assets at a bargain might be in for a surprise. The hedge fund’s paper trail shows the ownership of its assets is quite complex. Hence, a transfer of ownership of these assets may require some time to sort.
A recent Coindesk report also revealed that 3AC owns Tai Ping Shan (TPS) capital (an over-the-counter trading firm). However, the report states a legal separation between 3AC and TPS Capital.
TPS Capital has a Singapore registration license. However, it is domiciled in the British Virgin Islands. Also, TPS Capital’s directors are unknown, and its ownership structure is different from 3AC. Hence, it would be difficult for any firm seeking a payout from 3AC through the court route.
The report claims that the firm has remained in operation despite 3AC’s issues. Apart from a liquidation order by the British Virgin Islands court, 3AC is also being investigated by Singapore’s financial watchdog (the monetary authority of Singapore). As various events unfold, it is clear that the effects of the terra network crash may not yet be over.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
