A number one crypto lending and borrowing agency that has made headlines for declaring chapter has a non-fungible token portfolio containing belongings from among the Most worthy and well-known collections.
What Occurred: Cryptocurrency lending and borrowing agency Three Arrows Capital, also called 3AC, declared bankruptcy not too long ago after it noticed positions liquidated.
The agency noticed main losses stemming from an funding in Terra LUNA/USD, inflicting a liquidity disaster, just like ones confronted by different crypto firms.
Included within the assortment are:
- 1 Bored Ape Yacht Membership
- 2 Mutant Ape Yacht Membership
- 11 CryptoPunks
- 330 Artwork Blocks Curated
- 8 PEGZ
- 4 DeafbeefV2
- 3 Autoglyphs
- 7 Artwork Blocks
- 7 Chromie Squiggle
All collectively, the belongings are valued at a reported $7.36 million.
Why It’s Essential: In August, it was reported that 3 Arrows Capital launched a fund to purchase NFTs with NFT collector Vincent Van Dough referred to as Starry Evening Capital. The fund was aiming to lift $100 million for the acquisition of NFTs.
“Our thesis is straightforward, we imagine one of the best ways to realize publicity to the cultural paradigm shift being ushered in by NFTs is proudly owning the highest items from probably the most desired set,” Van Dough tweeted on the time.
It’s unclear if the fund and belongings talked about within the report are associated.
The NFTs will probably be offered off as a part of the liquidation and chapter course of.