8-digit USD frozen by FTX! NFT whale Deepak seeks to sell a large number of blue-chip NFTs, with a total value approaching 10,000 ETH.
The CEO of blockchain infrastructure company Chain, Deepak.eth, announced on Twitter yesterday that the company has eight-figure USD assets stuck in FTX due to liquidity constraints. Deepak.eth, who is also a seasoned NFT collector, has decided to sell off blue-chip assets including multiple Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs, as well as CryptoPunks #5822 purchased for 8,000 ETH, in order to help the company obtain sufficient liquidity.
My NFT Collection is now available. It will either be sold to the highest bidder or be placed in a fractional DAO where I will be selling 80% ownership for 8k ETH to the community.
DMs open. Check them out👇 pic.twitter.com/7TZpAc7TDK
— Deepak.eth ⛓ (@dt_chain) November 11, 2022
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Chain Unable to Withdraw 8-Figure USD
Blockchain infrastructure company Chain, which previously collaborated with the luxury jewelry company Tiffany & Co. to launch CryptoPunks pendants, is reportedly affected by the recent FTX incident.
According to a post by Deepak.eth, Chain was involved in operations and over-the-counter trading on FTX. Despite SBF's statement that they would not use customer assets for investments, it is believed that Chain continued to hold assets on FTX.
However, following the FTX incident, Chain still has an 8-figure sum of assets waiting for withdrawal processing on FTX.
In order to keep Chain operational, Deepak.eth needs to raise a significant amount of funds. Apart from hiring external consultants to address the FTX fund issue, Deepak.eth announced the sale of a large amount of blue-chip assets in their possession to gain liquidity.
BAYC, MAYC, and CryptoPunks All Up for Sale!
Deepak.eth announced the sale of the following NFTs on OpenSea:
- 7 BAYC
- 3 MAYC
- 10 CryptoPunks
- 4 pieces of Otherdeeds land, one of which includes Koda
- 11 Tiffany & Co. CryptoPunks pendants and NFTiffs
- 1 ENS domain name – helix.eth
To liquidate assets, Deepak.eth is selling off their most valuable NFTs, including the Alien CryptoPunks #5822 purchased for 8,000ETH and the Golden Retriever BAYC #232 with a minimum bid of 1,000ETH.
Deepak.eth mentioned that besides selling these NFTs to the highest bidder, there is a possibility of selling 80% ownership of all the mentioned NFTs for a price of 8,000ETH through a DAO. However, there have been no bids on these NFTs on OpenSea at the moment, and the successful sale of the NFTs is not guaranteed.
