NFT resurgence 📈, 3AC refused court subpoena

Daily Crypto, Blockchain & Web3 Update 2023-02-08

Crypto

Three Arrows founder Kyle Davies refused to comply with a court subpoena

for the books and records of his former crypto hedge fund Three Arrows Capital, a New York court was told in a Tuesday night filing. Davies was accused of stonewalling a probe into the company, which managed as much as $3 billion in assets before collapsing last year, while “shamelessly” promoting new crypto ventures. Davies and co-founder Su Zhu “have refused to meaningfully engage,” said a filing. Davies and Zhu “have made only selective and piecemeal disclosures” and “refusal to cooperate violates their duties owed to Three Arrows,” it added.

Web3

The Sandbox is rallying after a tie-up with Saudi Arabia

Virtual world The Sandbox’s SAND token has surged 20% following an announcement on Tuesday stating that the Saudi Arabia Digital Government Authority would be partnering with the platform. Sebastien Borget, co-founder of The Sandbox, tweeted the news offering little detail regarding the nature of the agreement. “We look forward to exploring, advising and supporting mutually each other in activations of the Metaverse,” he added. The Sandbox’s SAND is also approaching its unlock scheduled for Feb. 14, that will release 12% of the token’s supply.

CryptoPunk, Bored Ape Sell for Over $1M Each as NFT Market Rebounds (3 minute read)

Two single Ethereum NFTs have each sold for more than $1 million worth of ETH. CryptoPunk #5066 was sold on Monday for 857 ETH by Kevin Rose and Bored Ape Yacht Club #7090 was sold for 800 ETH by Web3 creator and collector Jimmy McNelis. The buyers of both NFTs are unknown. NFT sales on Ethereum topped $209 million over the past seven days.