Bankrupt crypto hedge fund 3AC’s NFT auction fetches $2.5M
The auction for parts of bankrupt Singaporean cryptocurrency hedge fund Three Arrows Capital’s (3AC) nonfungible tokens (NFT) collection fetched $2.5 million at its conclusion on May 19. Facilitated by fine arts broker Sotheby’s, collectibles on sale included Tyler Hobbs Fidenza #725, Larva Labs Autoglyph #187 and Tyler Hobbs Fidenza #861. The highest sale amount was Tyler Hobbs Fidenza #725 at $1 million. In response to the news, Kyle Davies, co-founder of 3AC. At the same time, fellow co-founder Su Zhu said, “Sent a few of them the Sothebys auction results, and the response is *crickets*” in response to journalist inquiries on the liquidity of the NFTs. At the commencement of the auction, Zhu quoted English poet Alfred Tennyson: “[Tis] better to have loved and lost than to have never loved at all” as a response to the sale. The NFTs were recovered by liquidators of 3AC after the hedge fund filed for bankruptcy in July 2022. At its peak, 3AC’s estimated assets under management reached $10 billion before being hit hard by the ongoing cryptocurrency bear market. The firm reportedly owes creditors a total of $3.5 billion.
