Auction house Sotheby’s will auction non-fungible tokens (NFTs), which are part of the bankrupt crypto hedge fund Three Arrows Capital’s assets. Sotheby’s will sell NFT art from 3AC’s GRAILS collection live, online, and through other sales channels, considering the art’s context and format. They will auction the first batch of seven ‘hand-picked’ works during the Marquee Sale Week at Sotheby’s New York, starting May 19. A British Virgin Islands court ordered the liquidation of 3AC in June 2022 after leveraged bets on rising crypto prices fell through following the high-profile collapses of TerraUSD and Celsius. Teneo filed papers to sell the NFTs in February to recover funds for 3AC creditors. The tokens form part of 3AC’s assets, which include investments in crypto firms. After the liquidation order, the hedge fund filed for Chapter 15 bankruptcy in the U.S. to protect its U.S. assets. BeInCrypto reported last year that over 300 NFTs from a wallet belonging to 3AC’s NFT fund Starry Night Capital were moved to a Gnosis Safe. 3AC founders Kyle Davies and Su Zhu intended to buy sought-after NFTs using the fund.
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