As part of 3AC's bankruptcy proceedings, over 300 NFTs from Starry Night Capital were moved this week.
Teneo, the liquidation firm in charge of the Three Arrows Capital (3AC) bankruptcy process, confirmed in a statement to Cointelegraph on Oct. 5 that it has custody of the NFTs moved from the addresses related to Starry Night Capital, a fund launched by the co-founders of the now-bankrupt hedge fund.
According to the firm, the collection move was part of the liquidators' duty of identifying assets and maximizing recoveries on behalf of all creditors. A report from Bloomberg estimated that the Starry Night Capital collection’s total value sits at around $35 million. It represents only a tiny fraction of the 3AC's debt of $2.8 billion to its creditors.
The firm's statement said:
"We would like to make clear that VVD [pseudonymous NFT collector Vincent Van Dough] has cooperated with the JLs [Joint Liquidators] in an effort to protect the value of these assets for the benefit of all relevant stakeholders and has sought to ensure that no Starry Night Portfolio assets would be disposed of improperly, or without sanction of the BVI Court if required."
VVD also offered to assist with the eventual sale of 3AC NFTs, and will likely oversee the assets' disposal with the firm, Teneo said.
In 2021, 3AC co-founders Su Zhu, Kyle Davies, and pseudonymous NFT collector Vincent Van Dough (DVV) formed Starry Night Capital. A nonfungible token (NFT)-focused fund that, initially, intended to invest exclusively in "the most desired" NFTs.
In August, Teneo was pointed out as the liquidation firm in the 3AC case. The Singapore-based hedge fund went bankrupt following the collapse of the Terra ecosystem earlier this year. The company, which once had over $10 billion in assets under management, eventually filed for a Chapter 15 bankruptcy on July 1 in a New York court.
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