- Three Arrows Capital liquidator Teneo moved the entire NFT collection of Starry Night Capital to a Gnosis safe
- The action comes a few months after the fund moved its crypto holding
- The fund has ties with Three Arrows Capital which was recently declared bankrupt
The Liquidator of Three Arrows Capital has moved the entire NFT collection of Starry Night Capital, which has ties to the bust crypto fund, to a Gnosis safe. The move comes after it transferred its crypto stash to a new address a few months ago. Three Arrows Capital was recently declared bankrupt after being forced into liquidation, and there are suggestions that these NFTs could obliquiely form part of its assets.
CryptoToadz, Meridian and Pudgy Penguins Among Collection
Starry Night Capital specialises in popular NFTs such as Fidenza, DECAY and DANKRUPT, the latter two of which changed hands for a combined $3.4 million US dollars. Other NFTs on the fund’s list include Pudgy Penguins, Meridian, CryptoToadz and Nude Portrait collections.
The move was spotted by renowned blockchain data platform Nansen, which noted that:
Their current estimated portfolio value is 625 ETH, with 89% of the NFTs having low liquidity (less than 35 sales in the last 7 days) 24H median price, or 7D where no sales in the last 24H.
According to the data provider, the NFTs went to Gnosis Safe, a platform powered by the Ethereum blockchain and which champions self-custody of stored assets. This is important because of the fact that the platform requires multiple signatures to move assets, which indicates that multiple team members need to approve each transaction in order for it to be executed.
Such a method is useful where companies may have multiple owners of a digital portfolio as it prevents any single party from running off with the funds inside.
Teneo Made Transfer
The NFT transfer appears to have been conducted by Three Arrows Capital liquidator Teneo, which suggests that the collection could be part of the bankrupt fund’s assets and that Starry Night Capital is much closer to Three Arrows Capital than was first thought.
Teneo currently puts the value of Three Arrows Capital’s assets at around $40 million, but this may be augmented by this recent discovery.
