Three Arrows Capital's Liquidator Takes Possession of Starry Night NFT Wallet
Teneo, a consulting firm that is handling Three Arrows' liquidation, cited the help of pseudonymous NFT collector Vincent Van Dough.
Oct 5, 2022 at 10:46 a.m. UTC
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The move of Starry Night Capital's NFTs to a Gnosis Safe wallet was made by Teneo, the liquidator for crypto hedge fund Three Arrows Capital, in order to take control of the digital assets, a filing from Teneo on Wednesday confirmed.
- Three Arrows Capital filed for bankruptcy in July, citing "extreme fluctuations" in the cryptocurrency markets. As part of the bankruptcy proceedings Teneo working to recover all of Three Arrows' assets, including the collection of non-fungible tokens.
- "Thanks to the cooperation of VincentVanDough, all Starry Night Capital NFTs, of which VVD is aware, have been accounted for and are in our possession or are being transferred to us," Teneo wrote in the filing.
- Vincent Van Dough is a pseudonymous NFT collector who was hired by Three Arrows Capital in August 2021 to run its Starry Night Capital NFT fund.
- It's estimated that Three Arrows Capital spent $21 million building the collection at the height of the NFT frenzy in 2021.
- Teneo also said that Van Dough will be assisting it in the eventual sale of the NFTs.
- It remains to be seen how much the NFTs will sell for. In June, data from the analytics tool DappRadar estimated that the collection was worth less than $5 million. Now, DappRadar pegs the value at just over $3 million.
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