In a surprising turn of events, the highly anticipated auction of bankrupt Singaporean crypto hedge fund Three Arrows Capital's (3AC) non-fungible tokens (NFTs) collection has concluded with a staggering total of $2.5 million. The auction, facilitated by prestigious fine arts agent Sotheby's, showcased a range of coveted collectibles, including notable pieces like Larva Labs Autoglyph #187, Tyler Hobbs Fidenza #725, and Tyler Hobbs Fidenza #861. The most remarkable sale was none other than Tyler Hobbs Fidenza #725, which fetched an astonishing $1 million.

The news of this remarkable outcome has ignited a wave of reactions within the crypto community. Kyle Davies, one of the co-founders of 3AC, shared his excitement, exclaiming, "The NFT grails are skyrocketing on Sotheby's, WorldCoin is capturing the attention of millions, and Aptos is poised to become the next Solana. The 3AC Portfolio is on fire!" Earlier, as the auction commenced, Davies bid farewell to their beloved collection with a poignant message, "Farewell sweet Goose."

Meanwhile, co-founder Su Zhu, upon sharing the auction results with others, humorously noted, "Sent a few of them the Sothebys auction results, and the response is crickets," highlighting the perhaps unexpected liquidity of the NFTs. Zhu also found solace in the words of English poet Alfred Tennyson, quoting, "[Tis] better to have loved and lost than to have never loved at all," underscoring the bittersweet nature of the auction's outcome.

These NFTs, once a part of 3AC's extensive portfolio, were retrieved by the fund's liquidators after it filed in July 2022 for bankruptcy. At its extreme, 3AC managed an impressive $10 billion in assets, but the relentless cryptocurrency bear market dealt a severe blow to the firm, leaving it with a staggering debt of $3.5 billion owed to creditors.

While 3AC's bankruptcy proceedings are ongoing, recent developments have added to the intrigue. Su Zhu successfully obtained a restraining order against BitMEX co-founder Arthur Hayes, one of the fund's creditors, who reportedly claimed $6 million. On a different path, Kyle Davies has ventured into the culinary world, launching a restaurant in Dubai.

Notably, Davies and Zhu are also the founders of the OPNX exchange, which facilitates the trading of claims from fallen crypto companies, including 3AC. Dubai regulators recently issued a reprimand to the exchange, citing allegations of failure to register within the emirate, as stated by media reports.

In a bid to tackle the rising threats in the metaverse, the cybersecurity Hong Kong Police Force unit has launched a new platform called Cyber Defender, as stated by media reports. The platform aims to educate the people about the possible risks associated with Web3 and the metaverse. With an increasing number of crimes shifting to the digital realm, the police force has emphasized the importance of crime prevention in virtual environments.

The Cyber Security and Technology Crime Bureau (CSTCB) unveiled Cyber Defender on May 27, coinciding with the "Exploring the Metaverse" event held on the platform. The event, taking place in three virtual platforms, focused on discussing strategies for preventing crime within the metaverse. At the time of the event, Chief Inspector Ip Cheuk-yu highlighted the need for carefulness in the metaverse, stating that all types of cybercrimes, including investment scams, theft, unauthorized system access, and sexual offenses, can also occur in virtual spaces.

The decentralized character of virtual assets of Web3 introduces additional risks, including the increased potential for cyber criminals to target appliances, smart contracts and virtual asset wallets. Recognizing the alarming peak in virtual crime asset in Hong Kong in the first quarter of 2023, where 663 cases were reported with a total loss of $570 million (a 75% increase compared to the same period in 2022), the Hong Kong Police Force is ramping up its educational initiatives, particularly targeting the younger generation.

Through the Cyber Defender Metaverse platform, the police force aims to raise attention among teenagers about the latest improvements in information technology, possible pitfalls, and the significance of preventing technology-related crimes. By organizing public educational initiatives, the force intends to equip citizens with the knowledge and tools to navigate the metaverse safely.

In the last few years, stealing of virtual assets by breaching the security of the network has been growing. North Korean hackers have gained notoriety of being the largest state-sponsored group to be involved in this activity. Given this, elite police forces having their metaverse division is a measure taken well in time. (IPA Service)