BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Business

Bankrupt Hedge Fund, 3AC’s NFT Auction Raises $2.5 Million

BlockNews Team by BlockNews Team
May 25, 2023
in Business, Crypto, Finance, Investing
Reading Time: 3 mins read
A A
three arrows capital
1
SHARES
18
VIEWS
Share on TwitterShare on Reddit
  • The cryptocurrency hedge fund owes a total of $3.5 billion.
  • The art auction was facilitated by Sotheby’s and raised $2.5 million, with the Tyler Hobbs Fidenza sold at $1 million.
  • Liquidators regained the NFTs after Three Arrows Capital filed for bankruptcy.

Hosted by arts broker Sotheby’s, the bankrupt cryptocurrency hedge fund company raised $2.5 million by selling its NFTs (Non-fungible tokens).

You might also like

Crypto Firms Jockey for Hong Kong Licenses Ahead of June 1 Retail Opening

Tether partners with CityPay.io to expand its reach in Georgia.

Wall Street Prepares To Take On Established Crypto Companies

The sales of the three NFT collectibles were concluded on May 19. The arts sold were Tyler Hobbs Fidenza #725, Tyler Hobbs Fidenza #861, and Larva Labs Autoglyph.

According to the information on Sotheby’s, Tyler Hobbs Fidenza #725 was sold for $1 million, marking it the highest NFT sold at the art auction. The co-founder of the hedge fund, Kyle Davies, lauded 3AC’s work in achieving such a feat, aiming that its portfolio kicks off once again after the fiasco that happened in 2022.

At the auction’s opening, Su Zhu, the co-founder of 3AC, quoted the famous English poet Alfred Tennyson. When asked about the liquidity of the NFTs, he claimed to have sent a few of them the Sotheby’s auction results; however, he did not get any response.

Three Arrow Capitals liquidators regained the NFTs (Non-fungible tokens) after the company filed for bankruptcy due to the harsh bear market in 2022. Before the fall of the hedge fund, the value of the assets stored under its management was estimated to be $10 billion.

The Singapore-based hedge fund is presently dealing with its bankruptcy, as the crypto firm owes its creditors at least $3.5 billion.

3AC Co-Founder Files A Restraining Order Against Arthur Hayes

On May 5, Su Zhu, the co-founder of the collapsed Three Arrows Capital, filed a restraining order on the co-founder of the crypto trading platform, BitMex.

The ex-BitMex CEO was accused of tweeting at Su Zhu and partner Kyle Davies, requesting $6 million, which he claimed he was owed during the hedge fund’s crash in 2022.

The restraining order stated that Arthur Hayes was not to communicate with Su Zhu by any means possible and restrained him from publishing any detail concerning the 3AC co-founder.

How Did 3AC crash?

Founded in 2012 by Su Zhu and Kyle Davies, Three Arrows Capital was a prominent hedge fund firm with billions of assets in custody till the bear market struck, and things took a drastic turn for the successful company.

Due to poor risk management and unclear priorities with business partners, Three Arrows Capital fell when Luna and its algorithmic stablecoin, UST, crashed.

According to the bankruptcy filing, Su and Davies were accused of using the firm’s funds to pay for two Good Class Bungalows in Singapore and a $50 million new yacht.

When the company fell, it did not go down alone, as other crypto companies affiliated with it got caught in the crossfire. Voyager Digital had to file for bankruptcy due to the debt, which 3AC could not pay. Other firms like Blockchain.com, Genesis, FTX, and more were affected by the 3AC crash.

Conclusion

Hosted by Sotheby’s, 3AC’s NFT auction sale raised $2.5 million, despite the firm owing $3.5 billion to its creditors. The co-founder believed this to be a step in the right direction for the hedge fund since filing for bankruptcy in 2022.

Tags: 3ACBankrupt Hedge FundBusinessSotheby
TweetShareShare

Recommended For You

Crypto Firms Jockey for Hong Kong Licenses Ahead of June 1 Retail Opening

by BlockNews Team
June 3, 2023
0
crypto firms china

China is taking the step forward to become a crypto hub and is soon to release retail trading. Hong Kong’s retail trading regime is days away from going...

Read more

Tether partners with CityPay.io to expand its reach in Georgia.

by BlockNews Team
June 3, 2023
0
citypay.io

Tether joins Binance in taking advantage of crypto-friendly Georgia by partnering with the payment system, CityPay. Tether’s growth could be partially attributed to the decline of its competitor,...

Read more

Wall Street Prepares To Take On Established Crypto Companies

by BlockNews Team
June 3, 2023
0
wall street

Wall Street's traditional financial giants are entering the crypto space to offer dependable platforms for institutional investors and challenge the dominance of established exchanges. By developing their digital...

Read more

What The ‘Anti-Mining Bill’ Means For The Crypto Industry In Texas

by BlockNews Team
June 3, 2023
0
texas anti mining bill

Protesters assemble to oppose Senate Bill 1751, which seeks to eliminate tax incentives for crypto mining businesses, causing controversy in Texas, a major participant in cryptocurrency regulation. Mining...

Read more

Bank of Japan Releases CBDC Report and Launched Its Pilot Program As Other Countries Gain Steam

by BlockNews Team
June 3, 2023
0
bank of japan

With the introduction of its CBDC pilot program, the Bank of Japan set the bar high as interest in central bank digital currencies develops globally. The Bank of...

Read more
Next Post
ConsenSys Plans to Launch Sustainable Green NFTs to Celebrate the Merge

MetaMask’s Parent Company Debunks Claims of Withholding of Customers' Crypto for Taxes

Related News

Around the Block

Around The Block – MAR 17 Week in News

March 17, 2023
got nft

Game of Thrones NFTs Sells Out Despite Scathing Reviews on Twitter

January 19, 2023
eBay Adds to its Collection, Acquires NFT Marketplace KnownOrigin

eBay Adds to its Collection, Acquires NFT Marketplace KnownOrigin

June 29, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Crypto Firms Jockey for Hong Kong Licenses Ahead of June 1 Retail Opening June 3, 2023
  • Tether partners with CityPay.io to expand its reach in Georgia. June 3, 2023
  • Wall Street Prepares To Take On Established Crypto Companies June 3, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?