Auction House Sotheby’s $2.5 Million worth of NFTs Owned by Three Arrows Capital, the Bankrupt Crypto Firm
Join Our Telegram channel to stay up to date on breaking news coverage According to the latest reports, bankrupt cryptocurrency hedge fund Three Arrows Capital has managed to sell seven NFTs from its expansive collection. Sotheby’s, the well-known fine arts auction house, announced the news while confirming that the seven NFTs sold for a whopping $2.5 million. Background to the NFT Sale Three Arrows Capital (3AC) is a Singapore-based crypto hedge fund that filed for bankruptcy in June last year. It was one of the first and worst-hit firms during the crypto winter amidst the astronomical fall of LUNA and TerraUSD. At that time, 3AC held around $1 billion worth of assets with close to $22 million worth of NFT collection. 3AC subsequently went into the liquidation phase, and Teneo, the court-appointed liquidator, recently announced its intent to sell certain NFTs from 3AC’s collection. However, Teneo also confirmed at the time that the sale would not inc...