cryptoknowmics.com
Teneo, the liquidation firm handling Three Arrows Capital (3AC) bankruptcy, has confirmed that it owns NFTs transferred from addresses associated with Starry Night Capital. Starry Night Capital is the fund launched by 3AC co-founders Su Zhu and Kyle Davies and fictitious investor VincentVanDough (VVD). Over the past two days, most assets were moved to the new wallet. According to the firm's statement, VVD cooperated with the Joint Liquidators in the interest of all stakeholders to preserve the asset value. In addition, VVD has ensured that none of the Starry Night Portfolio assets are disposed of improperly or without the approval of the BVI Court.
NFT Collection Liquidation
The firm claimed that the collection action was necessary as part of the liquidator's responsibility to locate assets and increase recoveries on behalf of all creditors. According to a news report, the Starry Night Capital collection is worth about $35 million. It is a tiny portion of the $2.8 billion debt owed by the 3AC to its creditors.
Three Arrows Capital's Chapter 15 Bankruptcy
Three Arrows Capital claimed it owed creditors $3.5 billion when it filed for Chapter 15 bankruptcy protection in June. The high court of Singapore authorized a more thorough investigation into the firm's demise in August. In August 2021, as the NFT market reached new heights, the hedge firm Starry Night Capital announced plans to raise $100 million to buy and hold high-value NFTs. The fund's acquisition of an Art Blocks Ringers NFT from Dmitri Cherniak for $5.66 million in ETH was revealed along with it. Su Zhu, Kyle Davies, and anonymous NFT collector VincentVanDough, co-founders of Three Arrows Capital, established Starry Night Capital in 2021. This nonfungible token-focused firm initially sought to invest only in "the most coveted" NFTs.