Crypto companies Three Arrows Capital and Celsius, which went bankrupt in 2022, are currently selling their NFTs and altcoins for liquidation.
Three Arrows Capital finds buyers for its NFT collection for $11 million
The crypto company known by the acronym 3AC declared bankruptcy following the Terra LUNA-UST crisis in 2022. As Cryptokoin.com has quoted, it started selling its assets in May to compensate for some of the lost funds. As liquidator Teneo shared in February, 3AC has several NFT collections to sell:
- NFTs from the Bored Ape Kennel Club
- autoglyphs
- Chromie Squiggles
- CryptoPunks
- Fidenza
- nimbuds
- NFTs from the Ringers collections.
Sales begin at Sotheby’s auction house in New York
In recent developments, Dmitri Cherniak’s “Ringers #879”, known as “The Goose”, one of the prominent pieces in the hands of the company, found a buyer for $ 6.2 million. This sale was Cherniak’s second largest NFT sale.
The auction follows Sotheby’s previous auction where a smaller NFT collection owned by 3AC sold for $2.5 million. The crypto company filed for bankruptcy in the US last July after crypto exchange Deribit claimed it could not repay a significant $80 million debt. Three Arrows Capital, once considered a leading player in the crypto industry, now owes over $3 billion to its creditors.
The bankruptcy of Three Arrows Capital has been one of the most important events in the crypto industry in recent years. The hedge fund company previously suffered one of the largest trading losses in history. The company relied heavily on borrowing to finance its business operations. It eventually came close to bankruptcy with $3.5 billion in debt to its creditors. The above NFT sales aim to settle some of the debts with the liquidator Teneo.
Celsius announces it will sell all its altcoins
Celsius, another company that went bankrupt after the Terra collapse, recently announced that it will convert all its altcoins into BTC and ETH. The company’s restructuring plan specifically proposes to deal with receivables from individual debtors through netting.
Celsius will be selling all altcoins from all customers (except Custody and Withhold accounts) starting July 1st and will be converting them into Bitcoin and Ethereum.
— Celsians (@CelsiansNetwork) June 15, 2023
Finally, the altcoins that the company holds sales according to reports:
- Celsius (CEL): 660.348 units
- Polygon (MATIC): 91,630 pieces
- Stellar (XLM): 47,851,000 units
- Uniswap (UNI): 864,000 units
- Polkadot (DOT): 1,832,000 units
- Chainlink (LINK): 3,337,000 units
- Litecoin (LTC): 197,000 units
- Bitcoin Cash (BCH): 53,000 units
- Binance Coin (BNB): 19,000 units
- Solana (LEFT): 145,000 units
- Aave (AAVE): 106,000 units
- and finally EOS: 3,119,000 units
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