ccording to reports, Starry Night Capital, an NFT-focused fund initiated by the co-founders of the now-defunct hedge fund Three Arrows Capital, has migrated over 300 NFTs out of its address.

Su Zhu, Kyle Davies, and pseudonymous NFT collector Vincent Van Dough founded the Starry Night Capital last year. At the time, the fund intended to invest solely in the market's most desired" NFTs.

On Oct. 4, blockchain data provider Nansen tweeted that the NFTs were allegedly transferred from a wallet affiliated with the fund, including "Pepe the Frog NFT Genesis," which auctioned for 1,000 Ether (ETH) in October last year, worth $3.5 million at the time.

Nansen stated that the NFTs originally collected by Starry Night Capital would be transferred to a Gnosis Safe address.

Gnosis Safe is a platform for managing digital assets on Ethereum that provides users with complete control over their funds and digital assets.

According to Bloomberg, the total value of the Starry Night Capital collection is estimated to be around $35 million.

It comes months after a court in the British Virgin Islands ordered the liquidation of Singapore-based crypto hedge fund 3AC, resulting in the appointment of liquidation firm Teneo, which has acquired control of at least $40 million of assets as of an August report.

This amount, however, represents only a small portion of the 3AC's liabilities to its creditors, which total at least $2.8 billion.

Starry Night Capital's main crypto wallet moved almost all of its virtual currency to a new address almost four months ago, prompting the NFT transfers.

3AC, a Singapore-based crypto hedge fund, was one of many crypto firms that went bankrupt after the Terra ecosystem collapsed earlier this year. The company, which formerly managed more than $10 billion in assets, inevitably filed for Chapter 15 bankruptcy in a New York court on July 1.

Why do you think 300 NFTs were moved in such a short space of time? Let us know your thoughts by sharing this article on social media.

Oct 5, 2022
Crypto News

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