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Sotheby's Auctioning Off Rare NFTs From 3AC's Seized Collection

Auction house Sotheby's is preparing to sell an expansive collection of non-fungible tokens (NFTs) seized from bankrupt crypto hedge fund Three Arrows Capital (3AC).

Teneo, 3AC's liquidator, published a notice in February outlining its intent to sell an expansive list of NFTs estimated to be worth millions to recoup some losses. The Singapore-based hedge fund filed for bankruptcy in July.

In a press release on Wednesday, Sotheby's announced that it would be hosting a multi-part sale featuring NFTs from the Grails collection, formed as part of 3AC's asset portfolio primarily in 2021. Sotheby's refers to the contents of the Grails collection as "some of the most significant digital artworks ever assembled."

(by Toby Leah Bochan)

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