Teneo Confirms Custody of NFTs from Starry Night Capital in 3AC Bankruptcy Case
Teneo's Role in Asset Recovery
Teneo, the liquidation firm managing the bankruptcy of Three Arrows Capital (3AC), has confirmed that it has taken custody of NFTs transferred from addresses linked to Starry Night Capital. This move is part of Teneo's responsibility to identify and recover assets to maximize returns for 3AC's creditors.
The Value of Recovered Assets
The NFT collection, valued at approximately $35 million, represents a small fraction of 3AC's total debt, which amounts to $2.8 billion. This recovery is a step toward addressing the significant financial obligations left by the collapsed hedge fund.
Context of the Bankruptcy
Starry Night Capital was a fund launched by the co-founders of 3AC, which has since become bankrupt. The transfer of these NFTs is part of broader efforts to consolidate and recover assets from various entities connected to 3AC, ensuring fair distribution among creditors.
This development highlights the ongoing complexities in the cryptocurrency and NFT space, particularly in cases of insolvency and asset recovery.
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