Dizzy Seeking Funding, Crypto Dealer 3AC Sells NFT For US$10.9 Million

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DIKSIA.COM - NEW YORK, (non-fungible tokens) owned by bankrupt cryptocurrency firm Three Arrows Capital (3AC) have reportedly been sold for US$10.9 million.

The NFTs went on sale after 3AC sold out its digital token collection at Sotheby's auction house in New York on Thursday (June 15, 2023).

“The 1,000 collection of 3AC's Ringer #879 (The Goose) images sold for $6.2 million, with the remainder coming from a token sale of 3AC's CEO's digital images, videos and text,” Sotheby's said. rice field.

According to DappRadar data cited by Reuters, the collection was purchased by Three Arrows Capital for around US$15.9 million in July-August 2021 using the company's reserve funds.

However, the US crypto exchange platform went bankrupt after crypto broker Voyager Digital defaulted on debt worth $653. 

3AC began to face a liquidity crisis and was unable to meet several margin calls.

Ultimately, the cryptocurrency exchange was forced to liquidate some assets to cover its debts to investors. 

Not only that, 3AC CEOs Su Zhu and Kyle Davies also raised funds to cover the losses caused by 3AC.

Unfortunately, this method is not sufficient to recover the losses caused by 3AC. This reason prompted 3AC to sell its NFT reserves at a price well below the market price.

“There is growing interest and a growing number of non-cryptocurrency collectors. 3AC has leveraged this momentum to sell NFTs,” said Michael Bohana, head of digital arts and NFTs at Sotheby's.

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