A Crypto Hedge Fund will move NFTs of millions into a single bag, fueling the idea of ​​a fire -fighting market that is embroiled in bankruptcy.

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The biggest question in the crypto industry today seems to be Su Zhu and Kyle Davies in the world? The duo, the founders of Singapore -based cryptocurrency fund Arrows Capital (3AC), are Claimed in the separation proceedings on June 27, it was reported that they had avoided court proceedings and their whereabouts are not known at this time.

Debtors are asking a New York bank to release 3AC’s estimated assets of $ 3 billion, which is mostly in the form of cash, cryptocurrency and NFTs, citing concerns. they will be together. it can be “transferred or discontinued.“Raising these concerns, and raising the possibility that the fire of high-end NFTs will sell in the making, Starry Night Capital, 3AC’s off-shoot NFT, is moving most of its collection. multimillion-dollar to one bag of money last month.

According to open-source data, NFTs from Captain Night Star The account was loaded into a bag named AEB785. Some of the changes began on June 14, two days earlier Time of Value first shown The three investors were unable to meet on a phone call on a $ 670 million loan.

That new bag now contains massive NFTS, perhaps millions in value, with works by artists such as Erick Calderon of Art Blocks and Mad Dog Jones, among others. One piece by Dimitri Cherniak, whose title A slight lack of symmetry can be very detrimentalit was sold last October for 800 ETH, or more than $ 2 million at the time.

The crypto currency business at NFT reached the peak of the market in August of 2021, when the company merged with the pseudonymous collector NFT, Vincent Van Dough–Did not speak at this time for the scandal, as it continues to work on Twitter — starting with Starry Night Capital. The company first thought to increase the $ 100 million that was proposed to be used to build a training center for NFTs, including a physical art gallery in a major city, has not been implemented.

Last year, Starry Night Capital raised $ 21 million to acquire 457 virtual properties. But, according to new estimates prepared by DappRadar using data on the chain, the bonds loaded in the AEB785 bag so far have a value of only $ 3.89 million.

According to CoinMetrics researcher Kyle Waters, Starry Night Capital’s acquisition is currently 10% of the total volume in SuperRare, the sixth -largest NFT platform in the market.

“It looks like the new wallet is related to the other 3AC bags,” Waters wrote on Twitter, adding “it’s not clear at this time what’s going on (in the best case,) preparing for some kind of liquidation / OTC. [Over the Counter] block the trade of NFTs? ”

In a horrific move, the sole sponsor of Starry Night’s firm, the UK -based KR1 fund, canceled their entire investment. KR1 has sold $ 5 million of “Class Starry Night Shares” into British Virgin Islands-registered Three Arrows Fund Ltd, although it’s not clear if it’s a real company. CoinDesk shown. Those shares are 100% deductible according to an income statement issued by KR1.

If Starr Night’s NFT collection were sold today, at a time when crypto image prices were soaring, most of the deals would have been less than they had received.

Total sales related to a non-fungible signal (NFT) in the global imaging sector over 30 days from April 15, 2021 to June 15, 2022. According to Statista.

In addition to releasing the assets of the treasury, the creditors are asking the court to require the founders to list the assets of the treasury, including the money bags to drive, the treasury. money, cash and digital assets, and derivatives contracts, securities, accounts receivable, and company records. Lawyers working on the creditors’ side said Zhu and Davies “haven’t started to get along” with the settlement process, according to CoinDesk.

Founded in 2012, 3AC has seen its downfall Ponzi-esque hana This includes borrowing from various creditors to pay interest on previous loans. The financial crisis has triggered ripple effects across the crypto-sphere, including water concerns. Other companies, including Celsius lending, cryptocurrency exchange CoinFlex, and Voyager Digital digital exchange, are all affiliated with 3AC.

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