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Three Arrows Capital

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finance2 years ago•1 min saved

Three Arrows Capital Co-Founder Su Zhu Arrested in Singapore, Sentenced to Prison

Su Zhu, co-founder of Three Arrows Capital (3AC), a now-defunct crypto hedge fund, has been arrested at Singapore's Changi Airport and sentenced to four months in prison for failing to cooperate with the liquidation investigation. Another co-founder, Kyle Davies, is also facing arrest and imprisonment, with his whereabouts currently unknown. 3AC, which once managed $10 billion in assets, filed for Chapter 15 bankruptcy in July 2022, causing disruptions in the crypto market.

via TechCrunch|

#finance #hedge-fund #kyle-davies

art-and-culture2 years ago•5 min saved

Sotheby's NFT Auction Breaks Records with $11 Million in Sales

Sotheby's auctioned off 40 digital artworks, including a coveted Dmitri Cherniak NFT, from the bankrupt crypto firm Three Arrows Capital, raising just under $11 million with buyers' fees. The centerpiece of the auction, Cherniak's "Ringers #879 (The Goose)," sold for $6.2 million to 6529 NFT fund. The auction drew a younger audience, with many first-time bidders in their 20s and 30s. The sale's success was driven by nostalgia for the crypto supercycle and the provenance behind the NFTs. Artists will receive royalties from the sales, and Cherniak expressed his ideal circumstance would be for "The Goose" to be enjoyed or donated to a museum.

via ARTnews|

#art-and-culture #crypto #generative-art