Teneo, the advisory team responsible for the restructuring process of bankrupt crypto lender Three Arrows Capital (3AC) has notified interested buyers of the potential sale of a prized collection of digital collectibles owned by the troubled firm.
According to Christopher Farmer, a senior managing director at Teneo, the funds collected from the sales of the Non-fungible tokens (NFTs) will be directed to its liquidation process.
Farmer added that the sales will commence 28 days from when the notice was made. The collection is an assortment of blue-chip digital collectibles that are highly treasured by collectors including Yuga Labs CryptoPunks, 30 of Tyler Hobbs’ Fidenzas, and 17 of Dmitri Cherniak’s Ringers. Non-custodial crypto wallet Zerion valued the entire collection at $6.4 million, based on their floor price suggesting that the value could be higher.
Noteworthy, the now-bankrupt 3AC acquired Dmitri Cherniak’s Ringers, specifically Ringer #879 with 1800 Ether (ETH) which was estimated to be more than $5.6 million at the time. At the time of this investment, Su Zhu, the Chief Executive Officer (CEO) of 3AC said
“We like the Goose.” Cherniak also confirmed the sales of the collection in his tweet, “The Goose is being liquidated.”
Starry Night Portfolio in Court
The filing reiterated that these NFT collections are different from the Starry Night Capital portfolio which was put together in the interest of 3AC by Vincent Van Dough (VVD), the pseudonymous collector.
Sometime in October last year, Teneo with assistance from VVD took over the wallet containing the Starry Night Capital NFTs. Based on the recent filing, the Starry Night portfolio is “presently subject to an application before the Eastern Caribbean Supreme Court in the High Court of Justice in the British Virgin Islands.”
Three Arrows Capital was one of the several crypto lenders that filed for bankruptcy amid a daunting crypto winter. Like Genesis Global Trading who was also one of its creditors, 3AC filed for bankruptcy protection to avoid lawsuits from angry investors who wanted their funds back.
Some of its other creditors were Blockchain.com and Voyager Digital which is currently facing a lawsuit from FTX sister trading firm Alameda Research.
