The NFT auction for some of the collections of Three Arrows Capital’s (3AC) bankrupt Singaporean cryptocurrency hedge fund concluded on May 19, generating $2.5 million. Sotheby’s, a fine arts broker, facilitated the auction, which included collectibles such as Tyler Hobbs Fidenza #725, Larva Labs Autoglyph #187, and Tyler Hobbs Fidenza #861. The top-selling item was Tyler Hobbs Fidenza #725, which sold for $1 million.
Kyle Davies, who is the co-founder of 3AC, responded to the news of the NFT auction by stating that the NFT grails were skyrocketing on Sotheby’s, WorldCoin was attracting millions of viewers, and Aptos was the next Solana 3AC Portfolio, which was on fire. Earlier, Davies had expressed his farewell to the sweet Goose when the auction began.
In the meantime, Su Zhu, who is also a co-founder of 3AC, responded to journalist inquiries about the liquidity of the NFTs by saying that he had sent the Sotheby’s auction results to a few people, but there was no response. When the auction began, Zhu quoted a line from Alfred Tennyson’s poem, stating that it was better to have loved and lost than to have never loved at all, in response to the sale.
After filing for bankruptcy in July 2022, the liquidators of 3AC recovered the NFTs. The estimated assets under the management of 3AC reached $10 billion at its peak before the ongoing cryptocurrency bear market severely impacted the hedge fund. As per reports, the firm owes creditors a total of $3.5 billion.
The bankruptcy proceedings of 3AC are currently ongoing. Recently, Su Zhu obtained a restraining order against Arthur Hayes, a co-founder of BitMEX and one of 3AC’s many creditors, with an alleged claim of $6 million. On the other hand, Kyle Davies seems to have shifted his focus to the culinary field by opening a restaurant in Dubai. Davies and Zhu are the founders of the OPNX exchange, a platform for trading claims of failed cryptocurrency firms, including 3AC. The exchange received a reprimand from Dubai regulators earlier this month for allegedly failing to register in the emirate.
