3AC NFTs Sale To Commence Soon Due to Liquidation

Name	Symbol	Market	Market Cap ($)	Algorithm
Fetch	FETUSD	Crypto	2,191,271,891	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Fetch

FETUSD

Crypto

2,191,271,891

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00	0.00%	2.11	2.11	2.11

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00

0.00%

2.11

High Price	Low Price	Open Price	Prev. Close	52 Week Range
2.13	2.07	2.10	2.11	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

2.13

2.07

2.10

2.11

- - -

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	02:36:51	94.40	2.11	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

02:36:51

94.40

2.11

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,778,116.89	843,479.63	FET	FETEUR	FETGBP	FETBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,778,116.89

843,479.63

3AC NFTs Sale To Commence Soon Due to Liquidation

24/02/2023 9:10am

NEWSBTC

The liquidators of Three Arrow Capital (3AC), a prominent digital asset management firm, have announced plans to sell the company’s non-fungible tokens (NFTs) to realize value amid bankruptcy proceedings. 3AC is a Singapore-based digital currency hedge fund incorporated in the British Virgin Islands. It invested assets worth more than $10 billion in some major projects, such as Terra and Solana. The company crashed in 2022 after the fall of LUNA and its stablecoin, UST. During bankruptcy proceedings, it was revealed that 3AC held about $560 million worth of LUNA and UST. Related Reading: Forget The Moon: Bitcoin Could Target The “Cloud” At $40K Liquidators To Sell Company’s NFTs Liquidators are now planning to sell 3AC NFT holdings to realize liquidation value, Joint Liquidator Christopher Farmer announced recently. The announcement revealed that the sales will commence 28 days after the notice date. According to the liquidator’s statement, the decision to sell the NFTs came after considering all available options to maximize the value of 3AC’s assets. The NFTs, which include unique digital assets such as artwork and collectibles, are expected to fetch a significant sum at auction. However, the liquidators cited that the NFTs for sale will not include those dubbed informally as the Starry Night Portfolio. Before now, the company moved about 300 NFTs from its subsidiary Starry Night Capital, which it considered a part of the bankruptcy proceedings. Although the notice failed to mention the NFTs the liquidators plan to sell, Tom Wan, an analyst, revealed which items the team will likely sell. In his speech, Wan mentioned that some of the NFTs to be sold are high-profile pieces, including PEGZ, Otherdeeds, MAYC, Punks, Autoglphys, and more. Related Reading: Bears Beware: Bitcoin “Trend” Strengthens To Pre-ATH Levels Notably, 3AC liquidators amassed a significant collection of NFTs over the years. Liquidators believe that selling these assets would help offset some outstanding debts. While the amount of money liquidators can get from the sale remains uncertain, they hope the proceeds will alleviate some of its financial woes. Community Members React Against 3AC Even with the bankruptcy proceedings, the 3AC community members have continued to express anger against 3AC. In a tweet, Su Zhu, the founder of 3AC, accused the Digital Currency Group (DCG) of collaborating with FTX to end the operation of LUNA. However, his efforts to blame the organizations failed when community members urged him to focus on his own mistakes. Also, members of the crypto community are expressing their displeasure at a new exchange, which 3AC and Coinflex support. Some members even swore never to use the platform and bully anyone who does. As the market for NFTs continues to grow, more companies will likely begin to explore the potential of these digital assets. For 3AC liquidators, selling these NFTs represents a unique opportunity to realize value for the creditors. Featured image from Pixabay and chart from Tradingview.com

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