In May this year, the Terra ecosystem collapsed, resulting in the bankruptcy of several crypto firms, including the Singapore-based 3AC crypto hedge fund. The company, which once had over $10 billion in assets under management, eventually filed for a Chapter 15 bankruptcy on Jul. 1 in a New York court.
According to reports, 300 NFTs have been moved out of the address of Starry Night Capital, a nonfungible-token (NFT)-focused fund co-founded by the now-bankrupt hedge fund Three Arrows Capital (3AC).
Last year, Su Zhu and Kyle Davies founded the Starry Night Capital fund, aiming to invest exclusively in “most-desired” NFTs. Vincent Van Dough, a pseudonymous NFT collector, is also involved.
Nansen on Oct. 4 tweeted that the NFTs were allegedly moved from the fund’s wallet, including “Pepe the Frog NFT Genesis,” which was sold for 1,000 Ether (ETH) in October last year, worth $3.5 million at the time.
Starry Night Capital previously held NFTs, and Nansen said they are moving to a Gnosis Safe address.
Gnosis Safe is a platform to keep digital assets on Ethereum, providing complete self-control over funds and digital assets.
According to Bloomberg, the Starry Night Capital collection’s worth is worth around $35 million.
Starry Night Capital’s NFTs are moving to a Gnosis Safe address. This includes- Genesis Pepe the Frog NFT sold for 1,000 ETH ($3.5 million) on October 5, 2021- Fidenza 718 sold for 240 ETH ($1.1 million) on November 13, 2021 – Some other notable NFTs are listed below.
In August, Cointelegraph reported on the Singapore-based crypto hedge fund 3AC’s liquidation by a court in the British Virgin Islands, which resulted in Teneo being hired to handle the liquidation of at least $40 million in assets.
However, the 3AC owes at least $2.8 billion to its creditors.
Starry Night Capital’s main crypto wallet moved almost all of its digital tokens to a new address almost four months after the NFT’s transfers.
In January, Terra, one of the largest cryptocurrencies platforms in the world, crashed and caused the bankruptcy of tens of crypto firms. 3AC, a Singapore-based crypto hedge fund, was one of them. It declared Chapter 15 bankruptcy on July 1 in a New York court. Over $10 billion in assets was once under its management.