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3AC's NFT Collection Auction Nets $2.5M amidst Bankruptcy Proceedings

3AC's NFT Collection Auction Nets $2.5M amidst Bankruptcy Proceedings

In a surprising turn of events, 3AC bagged over $2 million from its NFT collection.

The struggling Singapore-based cryptocurrency hedge fund Three Arrows Capital (3AC) claimed $2.5 million from the auction of its non-fungible tokens (NFTs) on May 19th.

Overseen by the famous auction house Sotheby's, the collection featured sought-after pieces, including Tyler Hobbs Fidenza #725, Larva Labs Autoglyph #187, and Tyler Hobbs Fidenza #861, with the first NFT fetching a whopping $1 million alone.

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Kyle Davies, 3AC's co-founder, took to social media to express his reaction to the auction's outcome, stating:

NFT grails mooning on Sotheby's, WorldCoin scanning millions of eyeballs, Aptos the next Solana 3AC Portfolio is on <Fire>.

He had earlier posted a nostalgic message, “Farewell sweet Goose,” marking the beginning of the auction.

On the other hand, another co-founder of 3AC, Su Zhu, used poetry to articulate his sentiments about the auction, borrowing from Alfred Tennyson's famous lines: “<Tis> better to have loved and lost than to have never loved at all.”

Liquidators recouped these NFTs after 3AC declared bankruptcy in July 2022. Once boasting a portfolio worth an estimated $10 billion, 3AC buckled under the weight of the ongoing crypto bear market, leaving a hefty $3.5 billion debt to its creditors.

Zhu recently procured a restraining order against BitMEX co-founder Arthur Hayes, who reportedly has a $6 million claim against the beleaguered 3AC.

In other news, at the end of March, US Bankruptcy Judge Martin Glenn issued a motion ordering Kyle Davies to answer to the previously issued subpoena or face consequences.

As the proceedings around 3AC's bankruptcy carry on, the successful auction of its NFT collection provides a glimmer of hope for meeting its significant debt obligations. The evolving story serves as a stark reminder of the volatility of the crypto industry, even for seasoned players.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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