Bankrupt crypto firm’s NFTs fetch nearly $2.5 mn at auction

BENGALURU: Auction home Sotheby’s introduced on Could 19, 2023 that seven non-fungible tokens from bankrupt cryptocurrency hedge fund Three Arrows Capital offered for about $2.5 million, as per an company report.

Of the tokens, “Fidenza #725,” a picture with graphic dashes and curves in a muted palette of cream, yellow, pink and black, fetched the very best value at over $1 million. Three Arrows Capital bought it for 135 ether in 2021, equal to about $341,786 at the time, in line with DappRadar.

The auction was a part of liquidating Three Arrows, in line with a February memo from Teneo, one of many court-appointed liquidators. Singapore-based Three Arrows was the primary main crypto agency to go bankrupt in 2022, introduced down by the collapse of cryptocurrencies Luna and TerraUSD. It filed for chapter within the British Virgin Islands in late June 2022.