The controversial Three Arrows Capital (3AC) moves its NFT collectibles to a single wallet, meanwhile the co-founders Su Zhu and Kyle Davies are still in hiding.
AEB785 is the wallet to which 3AC moved their NFT collectibles. On June 14th, the transfer of the million-dollar worth collection began while Three Arrows was on the brink of insolvency.
According to DappRadar data, the NFT collection includes Fidenza, Chromie Squiggle, and CrypToadz. One of the NFTs is Dimitri Cherniak’s “A Slight Lack of Symmetry Can Cause So Much Pain,” which was worth more than $2M when purchased in 2021.
The NFT community is wondering whether 3AC will provide these NFTs at significant discounts in light of the recent developments. The combined value of the more than 400 NFTs in the wallet is less than $3M.
3AC used its NFT-focused fund Starry Night Capital to purchase the NFTs last year. The team intended to gather money to develop NFT educational material but since the company’s collapse things turned out like this.
Three Arrows’ is trying to protect its assets in this manner meanwhile the founders Su and Davies left Singapore and their recent whereabouts are still unknown.
Su did come out on Twitter accusing liquidators of baiting when the latter had claimed that both the founders are not cooperating with the liquidation proceedings.
Maybe all this process is futile as yesterday the 3AC Liquidators got permission from the U.S court to take over the platform’s assets.
Also Read: Three Arrows Capital Files for Chapter 15 Bankruptcy
Su and Davies did not show up for the court hearing and did not raise any objections to the liquidators’ request for subpoena power. Since 3AC is now walking on thin ice, it is still unclear what their next move will be.
