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Struggling Hedge Fund Three Arrows Capital Concludes NFT Auction, Raises $2.5 Million

Founders Reflect on Cryptocurrency Market Developments Amid Liquidation Proceedings

Mon, 22 May 2023, 07:12 am UTC

The curtains closed on the non-fungible tokens (NFT) auction orchestrated by the struggling cryptocurrency hedge fund, Three Arrows Capital (3AC) of Singapore, as the final bid was placed. The event, held on May 19, ultimately garnered $2.5 million.

Kyle Davies, one of the founding members of 3AC, expressed his enthusiasm for the current developments in the cryptocurrency and NFT markets. He highlighted the significant increase in value of the prestigious NFTs auctioned by Sotheby's, the growing attention towards WorldCoin, and the promising impact of Aptos, known as the successor to Solana, on their investment portfolio. Before these events, Davies had solemnly said goodbye to an item he referred to as the "Goose" at the auction's beginning.

Su Zhu, the other founder of 3AC, expressed his disappointment in the media's subdued coverage of the NFT auction results. He likened the response to "the sound of silence."

Following their bankruptcy filing in July 2022, 3AC's NFTs were seized and put up for auction by designated liquidators. At its peak, the fund had managed assets nearing $10.1 billion but endured considerable setbacks during the brutal cryptocurrency downturn. It is purported that the hedge fund is indebted to its creditors to $3.5 billion.

As the story of 3AC's financial woes continues to unfold, Zhu has recently secured a court injunction against Arthur Hayes, co-founder of BitMEX and one of the myriad creditors of 3AC, who is seeking a $6 million claim. In a surprising twist, Davies has delved into the culinary realm by opening a restaurant in Dubai. Additionally, Zhu and Davies have jointly established the OPNX exchange – a place for trading claims related to defunct crypto enterprises like 3AC. The exchange was in the crosshairs of Dubai's regulators earlier this month, as it faced allegations of failing to sign up within the emirate.

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