A non-fungible token (NFT) collection from the bankrupt Singaporean cryptocurrency hedge fund Three Arrows Capital (3AC) was auctioned off by fine arts broker Sotheby’s and fetched $2.5 million on May 19. Among the NFTs on sale were Tyler Hobbs Fidenza #725, Larva Labs Autoglyph #187, and Tyler Hobbs Fidenza #861, with the highest sale amount being Tyler Hobbs Fidenza #725 at $1 million. Kyle Davies, co-founder of 3AC, responded to the news by stating that “NFT grails [are] mooning on Sothebys,” and fellow co-founder Su Zhu mentioned that the NFTs have received little liquidity. The tokens were recovered by liquidators of 3AC after the hedge fund filed for bankruptcy in July 2022. At its peak, 3AC had an estimated $10 billion in assets under management before being hit hard by the ongoing cryptocurrency bear market. The firm reportedly owes creditors $3.5 billion, and its bankruptcy proceedings are ongoing. Recently, Su 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, Kyle Davies appears to have turned to the culinary arts by opening a restaurant in Dubai. Davies and Zhu are the founders of the OPNX exchange, a platform for trading claims of fallen crypto firms like 3AC. Earlier this month, the exchange received a reprimand from Dubai regulators for allegedly failing to register in the emirate.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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