Cryptocurrency News

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

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The auction for parts of bankrupt Singaporean cryptocurrency hedge fund Three Arrows Capital’s (3AC) nonfungible tokens (NFT) collection fetched $2.5 million at its conclusion on May 19.

Facilitated by fine arts broker Sotheby’s, collectibles on sale included Tyler Hobbs Fidenza #725, Larva Labs Autoglyph #187 and Tyler Hobbs Fidenza #861. The highest sale amount was Tyler Hobbs Fidenza #725 at $1 million.

In response to the news, Kyle Davies, co-founder of 3AC, wrote: “NFT grails mooning on Sothebys, WorldCoin scanning millions of eyeballs, Aptos the next Solana 3AC Portfolio is on [Fire].” Previously, Davies wrote “Farewell sweet Goose” in response to the commencement of the auction. 

At the same time, fellow co-founder Su Zhu said “Sent a few of them the Sothebys auction results, and the response is *crickets*” in response to journalist inquiries on the liquidity of the NFTs. At the commencement of the auction, Zhu quoted English poet Alfred Tennyson: “[Tis] better to have loved and lost than to have never loved at all” as a response to the sale.

The NFTs were recovered by liquidators of 3AC after the hedge fund filed for bankruptcy last July. At its peak, 3AC’s estimated assets under management reached $10 billion before being hit hard by the ongoing cryptocurrency bear market. The firm reportedly owes creditors a total of $3.5 billion.

3AC’s bankruptcy proceedings are currently ongoing. Recently, Zhu secured a restraining order against BitMEX co-founder Arthur Hayes, one of 3AC’s many creditors with a reported claim of $6 million. Meanwhile, Davies appears to have turned to the culinary arts by opening a restaurant in Dubai. Both Davies and Zhu are founders of the OPNX exchange, a platform for trading claims of fallen crypto firms (such as 3AC). Earlier this month, the exchange received a reprimand from Dubai regulators for allegedly failing to register in the emirate.

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