Some of the non-fungible tokens (NFTs) once held by bankrupt Singaporean crypto hedge fund Three Arrows Capital (3AC) will be put up for sale as part of efforts to retrieve funds for its creditors, according to the failed companyâs liquidators.
Christopher Farmer, a senior managing director at consultancy Teneo, said in a statement that âthe Joint Liquidators intend to take steps to commence the sale of certain Non-Fungible Tokens ⊠in their possession and control and which are beneficially owned and belonging to the Companyâ.
âThe purpose of the Sale is to realise the value of the NFTs for the purposes of the liquidation. The necessary steps are expected to commence within 28 days of this notice and in any event, after 23 March 2023,â according to Farmer.
For the avoidance of doubt, the joint liquidator added that the forthcoming NFT will not be related to the list of tokens âinformally referred to as the 'Starry Night Portfolio' which is presently subject to an application before the Eastern Caribbean Supreme Court in the High Court of Justice in the British Virgin Islandsâ.
In June 2022, Teneo was appointed by a British Virgin Islands court to serve as the collapsed crypto hedge fundâs liquidator. 3AC is said to owe more than USD 3.5bn in unsecured claims to its creditors
Meanwhile, earlier this month, Su Zhu and Kyle Davies, 3ACâs two founders, kicked off a new platform for trading in crypto-related bankruptcy claims. The new trading venture, named Open Exchange, has already opened its waitlist for interested users who want to put their claims up for sale, as announced by Su Zhu, who is the former CEO of the bankrupt crypto hedge fund.
