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A non-fungible token (NFT) belonging to Starry Night Capital, a subsidiary of the collapsed Three Arrows Capital (3AC), has been moved to the Safe (formerly Gnosis Safe) address. Nansen Tweeted on October 4th.
NFTs previously collected by Starry Night Capital have been moved to Gnosis Safe addresses.
These NFTs include:
Pepe the Frog NFT Genesis, sold for 1,000 ETH (~$3.5 million) on October 5, 2021
Fidenza #718, sold for 240 ETH (~$1.1M) on Nov 13, 2021Some of the other notable NFTs below pic.twitter.com/8PU13CqMnn
Nansen (@nansen_ai) October 4, 2022
Starry Night Capital is a $100 million NFT-focused fund launched in 2021 by Three Arrows Capital founders Kyle Davies and Su Zhu, along with NFT collector Vincent Van Dough. The goal at the time was to buy his top NFT on the market.
According to available information, over 300 NFTs at addresses related to the fund have been moved to new addresses. Among his popular NFTs that have moved to new addresses are Pepe the Frog NFT Genesis, which he bought for 1,000 ETH (about $3.5 million).
Other notable NFTs moved by address include Fidenza #718, Some Other Asshole, DANKRUPT, DECAY, and Pudgy Penguins. These NFTs were previously priced at 200-500 ETH. Nansen said the rest of his NFTs in the address were worth a total of 625 ETH ($847,000) at the time of the report, 89% of which are illiquid.
7/ Their current estimated portfolio value* is 625 ETH and 89% of NFTs are illiquid (less than 35 sales in last 7 days)
*24 hour median or 7D if no sales in last 24 hours
sauce:https://t.co/Ky8QrH3cfl pic.twitter.com/aZykqEOSqS
Nansen (@nansen_ai) October 4, 2022
The destination wallet, the Safe address, currently contains 463 items. OpenSea dataMeanwhile, there are still questions about where the rest of the NFT funds went, given that Starry Night Capital spent $35 million on digital assets. Dune Analytics.
It’s unclear who was behind the transfer, but the move answers questions surrounding the whereabouts of 3AC NFT, which filed for bankruptcy in July.
3AC founder Zhu has expressed concern about potential prison terms over liquidator misrepresentation. According to Zhu, the liquidator misled the Singapore High Court about his 3AC structure and the roles he and Davies played in the system.
The court-appointed liquidator, Teneo, on the other hand, only has control over about $40 million of 3AC’s assets and has the power to secure and liquidate them in Singapore.
