Mechanism Capital co-founder Andrew Kang bought the original Pepe the Frog NFT from the property of bankrupt crypto hedge fund Three Arrows Capital, referred to as 3AC, for an undisclosed sum.
Public sale home Sotheby’s facilitated the personal sale as a part of the liquidation of 3AC’s remaining NFTs. Sotheby’s confirmed the sale to The Block and onchain data shows it has been moved to Kang’s pockets.
The NFT was the primary Pepe one licensed by the character’s creator, Matt Furie. It reveals a full-page scan from Matt Furie’s Boys Membership comedian collection exhibiting the “feels good man” meme.
The NFT was first offered for 420 ETH (round $1 million on the time) on April 17, 2021. It was then acquired by Starry Evening Capital for 1,000 ETH, price $3.5 million on the time, on October 5, 2021. Starry Evening Capital was an funding arm of 3AC centered on the NFT market.
3AC collapsed in June 2022 and filed for chapter the subsequent month. It had been impacted by the collapse of crypto alternate FTX and the failed stablecoin UST and its sister token luna. Its collapse triggered a cascading affect on different crypto corporations round it, leading to critical points for crypto prime brokerage Genesis and crypto alternate Gemini. These two corporations at the moment are being investigated by the NYAG over an alleged cowl up of the lacking funds.
Kang’s NFT assortment consists of 50 Azukis, a Fidenza, three Bored Apes, 11 Mutant Apes and 6 CryptoDickbutts. Dappradar estimates the worth of the NFTs in his pockets at $6.69 million.
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Tim is the Editor-In-Chief of The Block. Previous to becoming a member of The Block, Tim was a information editor at Decrypt. He has earned a bachelor’s diploma in philosophy from the College of York and studied information journalism at Press Affiliation Coaching. Comply with him on X @Timccopeland.