Three Arrows Capital's NFT collection to be liquidated

As part of 3AC's bankruptcy proceedings, over 300 Starry Night Capital NFTs were moved this week. New

Teneo, the liquidation company in charge of Three Arrows Capital's (3AC) bankruptcy process, confirmed in a statement to Cointelegraph on Oct. 5 that it has custody of the NFTs moved from Starry Night-related addresses Capital, a fund launched by the co-founders of the now bankrupt hedge fund.

According to the firm, the recovery motion was part of the liquidators' duty to identify assets and maximize recoveries on behalf of all creditors. A Bloomberg report estimated the total value of the Starry Night Capital collection to be around $35 million. This is only a fraction of 3AC's $2.8 billion debt to its creditors.

The company statement read:

"We would like to clarify that VVD [pseudonym NFT collector Vincent Van Dough] has cooperated with the JLs [Joint Liquidators] in an effort to protect the value of these assets for the benefit of all relevant stakeholders and has sought to s to ensure that no asset in the Starry Night Wallet will be disposed of improperly or without BVI court authorization if required."

VVD has also offered to help with the eventual sale of the 3AC NFTs and will likely oversee the asset disposal with the company, Teneo said.

In 2021, 3AC co-founders Su Zhu, Kyle Davies and pseudonymous NFT collector Vincent Van Dough (DVV) formed Starry Night Capital. A