Starry Night Capital collected hundreds of non-fungible tokens (NFTs). These tokens were transferred to a different wallet. In 2021, the NFT fund of Three Arrows Capital (a crypto-hedge fund) purchased the tokens. 3AC filed bankruptcy this year after having suffered from the crypto winter and the crumbling Terra ecosystem. Teneo is now the liquidator of 3AC and says that tokens have been transferred to it.
Starry Night Capital Fund’s Collection of NFTs Being Moved to Gnosis Safe Address
Nansen announced on Twitter that the NFTs in a Starry Night Capital premium collection featuring Cryptopunks are being transferred to a brand new wallet. A Gnosis Safe account has been opened, which is an Ethereum multisignature wallet that holds more than 300 tokens.
Three Arrows Capital, a crypto hedge fund that invests in NFTs and Vincent Van Dough (an NFT collector), created the Starry Night Capital NFT Fund last year. They initially wanted to raise $100 million to purchase tokens from prominent NFT collectors and artists.
Starry Night Capital previously collected NFTs are now moving to a Gnosis Secure address.
The following NFTs are available:
– Pepe the Frog NFT Genesis, sold for 1,000 ETH (~$3.5M) on Oct 5, 2021
– Fidenza #718, sold for 240 ETH (~$1.1M) on Nov 13, 2021
Other notable NFTs are listed below👇 pic.twitter.com/8PU13CqMnn
— Nansen 🧭 (@nansen_ai) October 4, 2022
In a statement quoted by Bloomberg and crypto media, Teneo, 3AC’s liquidator, said that thanks to Vincent Van Dough’s cooperation, “all Starry Night Capital NFTs, of which VVD is aware, have been accounted for and are in our possession or are being transferred to us.” The firm indicated it wants to sell them, stating it will likely be working with Vincent Van Dough to oversee their disposal.
Pepe the Frog NFT Genesis is being transferred. It was purchased for approximately 1,000 ETH. Fidenza 718 sold for 240 ETH, or approximately $1.1 million, on Oct. 5th 2021. XCOPY’s Cryptoart NFTs were also sold at $3.5M (or $3.5 million). On Nov. 13th 2021, several Cryptoarts sold by XCOPY for $1.4-$2.3 million. Robbie Barrat’s AI generated nude portrait #7 frame #184 sold for $1.1M in ether.
Among them are also a few Cryptoadz — Cryptoadz #5634 (135 ETH) and Cryptoadz #54 (25 ETH) sold in October — Meridian #684 and Meridian #171 (priced at 90 and 80 ETH respectively), and multiple Pudgy Penguins, including Pudgy Penguin #6869, which was sold for 16.9 ETH on Jan. 8, 2022, Nansen detailed in its tweets on Tuesday.
The company estimates that their portfolio is worth 625 Ethereum (less than $840,000 as of the writing date). This valuation is lower than the sale price. It’s based on the current 24-hour median price and the seven-day rate at which no sales occurred in the past 24 hours. Analytics firm noted that 89% have very low liquidity with less than 35 transactions in the past seven days.
Three Arrows Capital became insolvent after Terra UST’s and LUNA collapsed. It had invested millions into Terra ecosystem. The crisis was caused by the exposure of its founders Su Zhu (and Kyle Davies)
“What we failed to realize was that Luna was capable of falling to effective zero in a matter of days and that this would catalyze a credit squeeze across the industry that would put significant pressure on all of our illiquid positions,” Zhu said in interview with Bloomberg in July, while also admitting the team may have been too fond of Terra’s co-founder Do Kwon.
3AC filed for bankruptcy on June. The British Virgin Islands court ordered it to liquidate the assets and conducted an investigation of financial and judicial authorities. Teneo was appointed by a British Virgin Islands court to liquidate Three Arrows Capital and the Singapore High Court granted its petition to have greater insight into 3AC’s assets.
Do you expect the NFTs from Starry Night Capital’s collection to be sold in the near future? Please comment below with your views.
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