The auction for parts of bankrupt Singaporean cryptocurrency hedge fund Three Arrows Capital\u2019s (3AC) nonfungible tokens (NFT) collection fetched\u00a0$2.5 million at its conclusion on May 19.<\/p>\n
Facilitated by fine arts broker Sotheby\u2019s, 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.<\/p>\n
In response to the news, Kyle Davies, co-founder of 3AC, wrote: \u201cNFT grails mooning on Sothebys, WorldCoin scanning millions of eyeballs, Aptos the next Solana 3AC Portfolio is on [Fire].\u201c Previously, Davies wrote \u201cFarewell sweet Goose\u201d in response to the commencement of the auction.\u00a0<\/p>\n
At the same time, fellow co-founder Su Zhu said, \u201cSent a few of them the Sothebys auction results, and the response is *crickets*\u201d in response to journalist inquiries on the liquidity of the NFTs. At the commencement of the auction, Zhu quoted English poet Alfred Tennyson: \u201c[Tis] better to have loved and lost than to have never loved at all\u201d as a response to the sale.<\/p>\n
The NFTs were recovered by liquidators of 3AC after the hedge fund filed for bankruptcy in July 2022. At its peak, 3AC\u2019s 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.<\/p>\n
3AC\u2019s bankruptcy proceedings are currently ongoing. Recently, Zhu secured a restraining order against BitMEX co-founder Arthur Hayes, one of 3AC\u2019s 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. 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.<\/p>\n