3AC nft news trending on nfteller
NFT News

3AC Moves Their NFT To Single Wallet. Will There Be A Discount?


There is a hedge fund company called 3AC that stands for Three Arrows Capital that just transferred most of their NFT Collections to a single wallet. This is due to founders Su Zhu and Kyle Davies’s efforts to avoid court liquidation proceedings of their asset and this would result and mean that the duo will sell all their previous NFTs at a huge discounted price.

Why is 3AC moving its NFTs?

3AC, being one of the most succesful hedge fund company for crypto, has just moved its NFT Collection to the same digital wallet.

At the same time founders Kyle Davies and Su Zhu are hiding in order to avoid the bankruptcy court proceedings. The court forced 3AC to liquidate proceedings ever since last month.

Creditors are now trying to convince the court to freeze the assets and funds of 3AC. The incident is now very delicate as to the uncertainty of the laws in the NFT and Crypto world because $3 billion fortune of theirs comes in Crypto and NFTs as well as in cash. 

It makes it easy for Su Zhu and Kyle Davies to move their assets, most of their NFTs, into a single wallet just by using Starry Night Capital. 

The transferring process had since started to move ever since June 14th and it is during this that the news surfaced that 3AC couldn’t solve its $670M loan margin call. 

What does the new 3AC wallet include then?

The wallet of 3AC’s transfer is named as AEB785 and as of now, it contains millions of dollars of the duo all in the NFT Collection.

Many of the NFTs in the collection the duo transferred include most successful ones like Fidenza, Chromie Squiggle, and CrypToadz and these are only a few out of the many more and all are shown by DappRadar. And what is more surprising is the Art by Dimitri Cherniak titled “A Slight LAck of Symmetry Can Cause So Much Pain” and this art alone from the time of the purchase cost up to $2M back in 2021.

In this event alone, many people on the internet have debated whether or not 3AC will come up with offers to these NFTs with Major discount because the total of all added up together as well only worth less than $3 million and it depends whether the two founders truly wish to dispose the NFTs or not. 

3AC trending nft news nftellerWho is 3AC?

Three Arrows Capital is a crypto hedge fund company that is Singapore-based. The is founded by Su Zhu and Kyle Davis and they had a lot of success at the beginning of things last summer. 

3AC went into NFTs by using Starry Night Capital, a dedicated fund. As well they wanted to set up an educational content but unfortunately that did not happen whatsoever. 

Coming till today, 2022, The founders of 3AC found themselves not being able to pay up the loan that was offered by Voyager Digital in May and hence the situation right now but at the same time Voyager Digital filed for bankruptcy as well. This popular move can prevent the US creditors from accessing foreign assets.

Result of this, 3AC filed for bankruptcy at the beginning of July and now are in hiding from New York court as well as the creditors and in addition to the loan from Voyager Digital loan, they also have a debt to Blockchain.com of $270M. Check out the trending NFT news on NFTeller.

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