NFT
Crypto Hedge Fund Buys NFT Despite Bankruptcy
Saturday. July 6 at 3:30 AM
1 min. readBlockchain data reveals that a wallet linked to the failed crypto hedge fund Three Arrows Capital (3AC) acquired the Neon Village NFT for 20 ETH, valued at $59,821, even though the fund is bankrupt. The purchase was due to an offer made three years ago that was never canceled. The buyer, identified as 'abcdefg,' surprised NFT collectors with the long-pending bid. The transaction, involving token ID #26497, took almost three years to finalize. The buyer, labeled as 'Three Arrows Capital: OpenSea User,' sent a significant amount of ETH to the hedge fund's account prior to the purchase. Despite the fund's bankruptcy, the NFT funds have been in escrow since 2021. The artwork, created by SeerLight, saw a significant price increase from its initial sale. NFT marketplace sales have been on the rise, hitting $4 billion in the second quarter of 2024.