3AC liquidators to sell firm’s NFTs to realize value amid bankruptcy

Mar 12, 2023 | wjb news

According to a recent announcement, the irreplaceable token (NFT) belonging to the bankrupt financial derivatives Three Arrow Capital (3AC) will be sold to its liquidator Teneo.

In a notice of work dated February 22nd, Christopher Farmer, the co-liquidator, announced that the liquidator was preparing to gradually sell NFT, which belongs to 3AC. The public notice notes that the purpose of selling NFTs is to "complete the value of NFTs for settlement". According to the announcement, marketing will begin 28 days after the news.

The liquidator responded in the announcement that it would not include a roster of informal financial foreign exchange dealers whose informal name is "Moon Night Asset allocation". On October 5th, 2022, as part of the 3AC bankruptcy process, 300 NFT from Starry Night Capital, a subsidiary of 3AC, were relocated. The liquidators note that this NFTs is currently being applied for by the Supreme people's Court of the British Virgin Islands.

Although the notice did not mention what NFT would be sold, investment analyst Tom wan stressed on Twitter what NFT the liquidator might sell. According to the universal point of view, NFT can include some works that have attracted a lot of attention. He wrote on Twitter:

In the process of 3AC bankruptcy, community members expressed their strong dissatisfaction with the personal behavior of the 3AC elite team on social platforms several times. On January 3, 3AC founder Su Zhu reprimanded Digital currency Group (DCG) for colluding with FTX exchanges to attack Terra. Zhu called on DCG and FTX to make persistent efforts that outweigh the gain, and community members urged him to focus on his misdeeds.

On February 10th, members of the password community pursued a new exchange encouraged by 3AC and Coinflex. Community members were exasperated by the announcement, and some vowed never to buy or sell on the exchange and bullied those who did so.