NFT Artwork Seized From Three Arrows Capital Fetches $10.9 Million in Sotheby's Auction
Recent information disclosed by Sotheby's auction house reveals that the digital collectibles owned by Three Arrows Capital (3AC) were sold for a total of $10.9 million in a New York auction held on June 15.
In the aftermath of Luna and TerraUSD cryptocurrencies collapsing, 3AC was the first major crypto firm to file for bankruptcy in 2022.
Before filing for Chapter 11 bankruptcy, Three Arrows Capital had acquired a collection of non-fungible tokens (NFTs). NFTs are unique digital collectibles that are connected to virtual or physical content. They serve as evidence of ownership for various items such as images, videos, artwork, or text fragments.
According to Christopher Farmer, a senior managing director at consultancy Teneo, it was announced in February that certain NFTs previously held by the bankrupt Singaporean crypto hedge fund Three Arrows Capital (3AC) would be made available for sale.
This was part of efforts to retrieve funds for its creditors.
Plans for the auction were revealed in April through a press release:
Sotheby's is preparing to host an auction for a collection of non-fungible tokens (NFTs) seized from now-defunct crypto hedge fund Three Arrows Capital.
Based on data from blockchain tracker DappRadar, the hedge fund had spent $15.5 million worth of crypto to acquire the 37 NFTs in several rounds of purchases between July and August 2021.
Among the collection of artworks by Canadian artist Dimitri Cherniak, one of the most valuable non-fungible tokens (NFTs) owned by the hedge fund was "The Goose." It was featured as Ringer #879 in a series of 1,000 computer-generated abstract images.
Reportedly, Ringer #879 sold for $6.2 million, which according to DappRadar data, is $0.3 million higher than what 3AC had
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