- Three Arrows Capital filed its bankruptcy under Chapter 15 on 1 July 2022.
According to reliable reports, Starry Night Capital(NFT) focused fund developed by the developers of bankrupt crypto hedge fund three Arrows Capital(3AC), has transferred above 300 NFTs out of its address.
The trio Su Zhu, Kyle Davies, and Van Dough team have launched the NFT Fund, dubbed Starry Night Capital. The new fund plans to spend on the most desired NFTs on the market. At the time, the funds planned to invest in the “most advantageous” NFTs in the NFT market.
NFTs previously collected by Starry Night Capital are moving to a Gnosis Safe address. These NFTs include: – Pepe the Frog NFT Genesis, sold for 1,000 ETH (~$3.5M) on Oct 5, 2021 – Fidenza #718, sold for 240 ETH (~$1.1M) on Nov 13, 2021.
NFTs previously collected by Starry Night Capital are moving to a Gnosis Safe address.
These NFTs include:
– Pepe the Frog NFT Genesis, sold for 1,000 ETH (~$3.5M) on Oct 5, 2021
– Fidenza #718, sold for 240 ETH (~$1.1M) on Nov 13, 2021Some other notable NFTs below
pic.twitter.com/8PU13CqMnn
— Nansen
(@nansen_ai) October 4, 2022
Voyager went bankrupt after failing to pay its debt to Three Arrows Capital. 3AC followed the trail and filed for insolvency recently. This affected Three Arrows Capital NFT Fund, Starry Night, as it is worth $4.16 Million at the time of writing. This fund was created to raise $100 million at some point, but things have turned upside down.
4/ A few CrypToadz, such as:
CrypToadz #5634
Sold for 135 ETH (~$456.9K) on Oct 4, 2021CrypToadz #54
Sold for 25 ETH (~$84.6K) on Oct 4, 2021 pic.twitter.com/BgklWz16BR— Nansen
A report from Bloomberg evaluates the Starry Night Capital collection total value at around $35million.
The bid from FTX would also transfer all of Voyager’s loan balances to the cryptocurrency exchange but not the loan from Three Arrows Capital (3AC), a crypto broker that owes the digital asset lender approximately $670 million, which is still awaiting approval.
Bankman-Fried stated earlier this month that FTX had approximately $1 billion left in its funds to continue its investment spree. Earlier this week, reports suggested that Celsius, a bankrupt crypto lending company, might be a target for FTX.
The crypto market is battling hard to overcome volatile situations, but the conditions of the crypto market are not improving.
Source: https://www.thecoinrepublic.com/2022/10/07/liquidator-moved-over-300-nfts-from-three-arrows-capitals-nft-fund-to-new-wallet/