A crypto hedge fund moves NFTs worth millions to a single wallet, prompting speculation of a bankruptcy-induced fire sale:
In an ominous move, the sole institutional backer of Starry Night’s holdings, the UK-based KR1 fund, has written off their investment entirely. KR1 bought $5 million of “Class Starry Night Shares” in the British Virgin Islands-registered Three Arrows Fund Ltd, although it is unclear if such a company actually exists,. Those shares were 100% impaired according to a recent earnings statement issued by KR1.
If Starr Night’s NFT collection were to be sold off at today, when crypto art prices have cratered, the vast majority of the works would make considerably less than what they were acquired for. Total value of sales involving a non-fungible token in the art segment worldwide over the previous 30 days from April 15, 2021 to June 15, 2022. According to data from Statista.
In addition to freezing the fund’s assets, creditors are asking the court to compel the founders to list the fund’s assets, including the wallets it controls, bank accounts, cash and digital assets, as well as any derivatives contracts, securities, accounts receivable, and company records.
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