Starry Night Capital, a non-fungible token (NFT)-focused fund launched by the co-founders of now-bankrupt hedge fund Three Arrows Capital (3AC), has moved more than 300 NFTs from its address, according to reports.
Starry Night Capital was founded last year by Su Zhu, Kyle Davies, and an NFT collector who goes by the pseudonym Vincent Van Du. At that time, the fund planned to invest exclusively in the “most junk money” on the market.
Blockchain data provider Nansen noted on Twitter Oct. 4 that NFTs have been moved from a wallet linked to the fund, including the Pepe the Frog NFT Genesis, which sold for 1,000 Ether (ETH) in October last year, worth $3.5 million in value. time.
NFTs previously collected by Starry Night Capital are moving to the Gnosis Safe address, Nansen said.
Gnosis Safe is a platform used to manage digital assets on Ethereum, giving users complete self-custody of digital funds and assets.
A report from Bloomberg estimates that the total value of the Starry Night Capital Group is around $35 million.
This comes months after a British Virgin Islands court ordered the liquidation of Singapore-based crypto hedge fund 3AC, which led to the designation of the liquidator Teneo, which has controlled at least $40 million of 3AC’s assets to date, Cointelegraph reported in August.
However, that amount is only a fraction of 3AC’s debt to its creditors, which amounts to at least $2.8 billion.
The NFT transfers came nearly four months after Starry Night Capital’s major crypto wallet moved nearly all of its digital tokens to a new address.
The Singapore-based cryptocurrency hedge fund has become one of several crypto companies to go bankrupt after the Terra ecosystem collapsed earlier this year. The company, which had more than $10 billion in assets under management, eventually filed for Chapter 15 bankruptcy on July 1 in a New York court.