3AC liquidators to sell firm's NFTs to realize value amid bankruptcy

Nonfungible tokens (NFTs) belonging to the bankrupt hedge money Three Arrows Capital (3AC) volition beryllium sold by its liquidators Teneo, according to a caller announcement. 

In a announcement dated Feb. 22, Joint Liquidator Christopher Farmer announced that the liquidators are intending to statesman the income of NFTs that beryllium to 3AC. The announcement highlighted that the merchantability volition beryllium done to “realize the worth of the NFTs for the purposes of the liquidation.” According to the announcement, the income volition statesman 28 days aft the notice.

Within the announcement, the liquidators clarified that it volition not see the database of NFTs that are informally dubbed arsenic the “Starry Night Portfolio.” On Oct. 5, 300 NFTs from 3AC subsidiary Starry Night Capital were moved arsenic portion of 3AC's bankruptcy proceedings. The liquidators highlighted that these NFTs are presently taxable to an exertion earlier the a ultimate tribunal successful the British Virgin Islands.

While the announcement did not notation which NFTs volition beryllium sold, expert Tom Wan pointed retired connected Twitter which NFTs could perchance beryllium sold by the liquidators. According to Wan, the NFTs tin see immoderate high-profile pieces. He tweeted: 

In the midst of the 3AC bankruptcy process, assemblage members person repeatedly went disconnected connected societal media to explicit dissatisfaction implicit the actions of the 3AC team. On Jan. 3, 3AC laminitis Su Zhu got called retired connected Twitter erstwhile helium accused the Digital Currency Group (DCG) of conspiring with the FTX speech to onslaught LUNA. Zhu’s efforts to telephone retired DCG and FTX backfired, with assemblage members urging him to absorption connected his ain misdeeds. 

Related: 3AC laminitis has ‘chosen to disregard his duties’ by not responding to subpoena, accidental bankruptcy lawyers

On Feb. 10, members of the crypto assemblage went aft the newly-launched exchange backed by 3AC and Coinflex. Community members were enraged by tha launch, with immoderate swearing to ne'er commercialized successful the speech and bully those that do.