High Level NFT Collection Moved From 3AC Wallet As Part Of Bankruptcy Proceedings
Last year, a non-fungible token (NFT) fund created by the co-founders of Three Arrows Capital has now seen many of its digital art assets transferred to another wallet.
On October 4, crypto analytics and analytics firm Nansen reported that over 300 NFTs had been moved from the Starry Night Capital collection to a Gnosis Safe address. However, the actual figure may be much higher.
Starry Night Capital was a $100 million NFT-focused fund co-founded by 3AC executives Su Zhu and Kyle Davies and NFT collector Vincent Van Dough in August 2021. It planned to invest in “most wanted” NFTs “on the market at the time.
Nansen highlighted some of the notable NFTs that were on the move. Their price ranged from $1 million to $3.5 million in ETH when sold during the late 2021 crypto bull run.
The destination for the high-level NFT collection was Gnosis Safe, a self-custody platform for digital assets.
Nansen estimates the current value of the wallet to be 625 ETH, worth around $847,000 at current prices. He added that almost 90% of NFTs had low liquidity with less than 35 sells in the past seven days.
According to OpenSea, the destination wallet address now contains 463 elements. Etherscan revealed that the last ERC-721 token sent to the Gnosis wallet left about three and a half hours ago.
OpenSea lists the most expensive NFT in the collection as “Pepe the Frog NFT Genesis”, which last sold for 1,000 ETH. Other notable names in the collection include Fidenza #718, Some Other Asshole, DANKRUPT, and DECAY, all of which previously sold for 240-550 ETH.
According to Dune Analytics, 3AC spent around $35 million on NFTs, so it’s unclear where the rest of the funding for the collection went.
The reasons for this decision are yet to be determined, but Three Arrows are still in dire straits after filing for bankruptcy in June. Zhu and Davies have since argued with court-appointed liquidators over the unwinding of the rest of their assets.
Nansen has been wrong in the past, however. In September, he mistakenly reported that a wallet belonged to 3AC, when it actually belonged to crypto financial services platform Matrixport.
All information contained on our website is published in good faith and for general information purposes only. Any action the reader takes on the information found on our website is strictly at their own risk.