Chain CEO Deepak Sells Massive NFT Collection Following FTX Collapse
The collapse of crypto exchange FTX has hit the community extremely hard, with the halting of withdrawals making it difficult for many investors to liquidate their funds. Even notable figures within the community have revealed themselves to be struggling amidst FTX’s liquidity issues.
Chain CEO and popular NFT collector Deepak Thapliyal has been one of the most notable figures in the space to reveal he’s facing difficulty amongst this FTX situation, announcing that he’s decided to sell his large NFT collection at a huge discount.
His collection, made up of seven Bored Apes, ten CryptoPunks, four Otherdeed’s Otherside and many more is notably worth quite a lot of money.
In fact, Deepak also notably has the Alien CryptoPunk #5822 NFT in his collection, one of the most expensive CryptoPunk NFTs to date which successfully sold for 8000 ETH ($10.3M USD) back in February.
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
Deepak explains that he will sell these NFTs to the highest bidder, though if this fails, the NFTs will be placed in a fractional DAO where he will sell 80% of ownership to the community.
On Thursday, Deepak explained to his 119,000 followers on Twitter that his blockchain-based company, Chain, had an 8-figure exposure to crypto exchange FTX which is now suffering with a liquidity crunch.
Deepak goes on to further explain that Chain’s funds are now stuck on FTX, and this is most likely the reason why he has had to sell his massive NFT collection, in order to raise funds to uphold Chain.
We trusted that statement and left funds there from the recent deposit and trade. Unfortunately, our funds are now stuck and we have an 8 figure exposure, waiting for withdrawals to process.
— Deepak.eth ⛓ (@dt_chain) November 10, 2022
“We still have a large treasury to operate @Chain (excluding XCN). But it sucks, because we trusted FTX and SBF. Our recent deposit and trade on FTX was done in confidence that he wouldn’t be making misrepresentations like how he did publicly of assets being safe.” Deepak wrote on his Twitter thread.