3AC Wallet Acquires NFT Due to Three-Year Old Uncancelled Bid

A wallet associated with Three Arrows Capital (3AC), the now-defunct crypto hedge fund, has acquired an NFT for 20 ETH or just shy of $60,000. It placed a bid nearly three years ago, which the NFT’s previous owner accepted after all this while. The 50 ETH offered by 3AC was held in SuperRare’s escrow—the trade occurred on the SuperRare NFT marketplace.

Wallets often do not relay amounts held in escrows for such trades as balances, which is why the bid made by 3AC went unnoticed by Teneo, the entity handling the defunct hedge fund’s liquidation. The wallet’s connection with 3AC was revealed when users noticed the “Three Arrows Capital: OpenSea User (0xFf4)” label associated with it on Arkham Intelligence.

This fiasco caused 3AC to come in possession of NFT #26497 from the Neon Village collection created by the artist and designer SeerLight. The bid causing this exchange was made on August 21, 2021, when the NFT was worth much more, and the current seller purchased it for 100 ETH or $360,755. With the transaction, the seller accepted the bid nearly three years later to register losses of over $300,000. SeerLight made royalties of 2 ETH.

3AC’s purchase was unraveled with the SuperRare Bot X account posting that someone with the pseudonym “abcdefg” had acquired the NFT.

Image by Jan Vašek from Pixabay

Source: https://www.livebitcoinnews.com/3ac-wallet-acquires-nft-due-to-three-year-old-uncancelled-bid/