3AC Liquidators May Have Missed NFT Purchase From 2021

IconCryptoNewsTerminal Staff05 Jul, 2024

cryptonews.jpg

3AC Liquidators May Have Missed NFT Purchase From 2021

According to a recent report, liquidators for the now-defunct crypto hedge fund Three Arrows Capital (3AC) may have missed an NFT purchase order placed three years ago. The order, which was placed for an NFT from artist SeerLight's Neon Village collection, was reportedly executed on August 21, 2023, for 20 ETH (approximately $58,800). Generally, companies going through bankruptcy proceedings are not permitted to engage in placing bids on certain assets. However, in some cases, Ether held in smart contract escrow "may not be considered recoverable property during a liquidation process." It is currently unclear what impact this oversight will have on 3AC's liquidation process. ---