Bankrupt crypto hedge fund 3AC's NFT auction fetches $2.5M

The auction for parts of bankrupt Singaporean cryptocurrency hedge money Three Arrow Capital's (3AC) nonfungible tokens (NFT) postulation fetched a full of $2.5 cardinal astatine its decision connected May 19.

Facilitated by good arts broker Sotheby's, highlighted collectibles connected merchantability see Tyler Hobbs Fidenza #725, Larva Labs Autoglyph #187, and Tyler Hobbs Fidenza #861. The highest merchantability magnitude was Tyler Hobbs Fidenza #725 astatine $1.0 million.

In effect to the news, Kyle Davies, co-founder of 3AC, wrote: "NFT grails mooning connected Sothebys, WorldCoin scanning millions of eyeballs, Aptos the adjacent Solana 3AC Portfolio is connected [Fire]." Previously, Davies wrote "Farewell saccharine Goose" successful effect to the commencement of the auction. 

At the aforesaid time, chap co-founder Su Zhu said "Sent a fewer of them the Sothebys auction results, and the effect is *crickets*" successful effect to writer inquiries connected the liquidity of the NFTs. At the commencement of the auction, Zhu quoted English writer Alfred Tennyson: "[Tis] amended to person loved and mislaid than to person ne'er loved astatine all" arsenic a effect to the sale.

The NFTs were recovered by liquidators of 3AC aft the hedge money filed for bankruptcy past July. At its peak, 3AC's estimated assets nether absorption reached $10 cardinal earlier being deed hard by the ongoing cryptocurrency carnivore market. The steadfast reportedly owes creditors a full of $3.5 billion.

3AC's bankruptcy proceedings are presently ongoing. Recently, Zhu secured a restraining bid against BitMEX co-founder Arthur Hayes, 1 of 3AC's galore creditors with a reported assertion of $6 million. Meanwhile, Davies appears to person turned to the culinary arts by opening a edifice successful Dubai. Both Davies and Zhu are founders of the OPNX exchange, a level for trading claims of fallen crypto firms (such arsenic 3AC). Earlier this month, the speech received a reprimand from Dubai regulators for allegedly failing to registry successful the emirate.

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