On May 19, the auction for nonfungible tokens (NFT) from the bankrupt Singaporean cryptocurrency hedge fund Three Arrows Capital (3AC) brought in $2.5 million.
Sotheby’s facilitated the sale of collectibles such as Tyler Hobbs Fidenza #725, Larva Labs Autoglyph #187, and Tyler Hobbs Fidenza #861. The highest sale price was $1 million for Tyler Hobbs Fidenza #725.
In response to the news, Kyle Davies, co-founder of 3AC, wrote: “NFT grails mooning on Sothebys, WorldCoin scanning millions of eyeballs, Aptos, the next Solana 3AC Portfolio is on fire.”
Before the beginning of the auction, Davies wrote, “Farewell, sweet Goose.”
In response to journalist inquiries regarding the liquidity of the NFTs, another co-founder, Su Zhu, stated, “I sent a few of them the Sothebys auction results, and the response was crickets.”
As a response to the auction, Zhu began by quoting the English poet Alfred Tennyson: “It is better to have loved and lost than never to have loved at all.”
The NFTs were recovered by 3AC’s liquidators following the hedge fund’s bankruptcy filing in July 2022.
At its peak, 3AC’s estimated assets under management reached $10 billion before the ongoing cryptocurrency bear market severely impacted their value. Reportedly, the company owes creditors a total of $3.5 billion.
Insolvency proceedings for 3AC are currently ongoing. Recently, Zhu obtained a restraining order against Arthur Hayes, co-founder of BitMEX and one of 3AC’s numerous creditors, with a reported $6 million claim.
In the meantime, Davies appears to have opened a restaurant in Dubai specializing in the culinary arts.
Davies and Zhu are the founders of the OPNX exchange, a trading platform for the claims of defunct crypto companies (such as 3AC).
The exchange received a reprimand from Dubai regulators earlier this month for allegedly failing to register in the emirate.
