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Wallet Linked to Bankrupt Three Arrows Capital Shows Activity Despite ‘Missing’ Founders

Last updated: | 1 min read
Source: Adobe/Proxima Studio

A number of non-fungible tokens (NFTs) collected by Starry Night Capital, an NFT fund established by the Singaporean bankrupt crypto hedge fund Three Arrows Capital (3AC), were moved to a new wallet by Teneo, the consultancy leading 3AC’S bankruptcy proceedings.

The tokens which were moved to a Gnosis Safe address include Pepe the Frog NFT Genesis, sold for ETH 1,000, or about $1.36 at the crypto’s current price, in October 2021, and Fidenza #718, sold for ETH 240 in November 2021, according to data collected by blockchain analytics platform Nansen. 

Other NFTs which were transferred include three pieces by XCOPY, including Some Other Asshole, purchased for ETH 550 in December 2021, DANKRUPT, sold for ETH 469 in October 2021, and DECAY, bought for ETH 345.69 in December 2021, the firm said. 

Other tokens comprise AI Generated Nude Portrait #7 Frame #184 by Robbie Barrat, sold for ETH 300 in October 2021, several CryptoToadz including #5634 and #54, purchased for ETH 135 and ETH 25, respectively, in October 2021, and two pieces by Matt DesLauriers. The artist’s Meridian #684 and #171 NFTs were acquired for ETH 90 in November 2021 and ETH 80 in December 2021, respectively.

In total, more than 300 tokens were moved out, Bloomberg reported.

The development is likely to lure the attention of those who have lost their funds as a result of 3AC’s financial woes. Last August, the fund’s liquidators obtained the permission of a Singaporean court to access key records, securing more information about the assets of the collapsed firm. Three Arrows is estimated to owe more than USD 2.8bn in unsecured claims to its creditors. 

Since their company’s collapse, 3AC’s two co-founders, Su Zhu and Kyle Davies, have made efforts to stay under the radar. Despite this, Zhu was recently found to be trying to sell a house he bought in Singapore last year for about SGD 48.8 million ($34.3 million).