Liquidators have seized control of a massive NFT portfolio accumulated by the ramshackle crypto hedge fund, Three Arrows Capital. Therefore, readying the market for a vast NFT fire-sale as administrators look to meet some of the firm’s financial obligations.
Last year, Three Arrows came up with a grand plan to accumulate a $100 million NFT collection. As a result, setting up the ‘Starry Night Capital’ fund to take care of their non-fungible business.
Through this endeavor, the project spent an estimated $35 million on a series of high-profile NFTs, all before Three Arrows wheels came off, leaving the company a remarkable $3.5 billion in debt.
