WOO Network Reclaims Shares and 20 Million Tokens from Insolvent Three Arrows Capital
Taiwan’s WOO Network has struck a deal with Teneo, responsible for liquidating the now-defunct hedge fund Three Arrows Capital (3AC). The agreement seeks WOO Network repurchasing shares and tokens initially sold in 2021.
During WOO’s Series A fundraising in 2021, it managed to amass $30 million. Three Arrows Capital was among the key investors, though specifics regarding their investment remain undisclosed. The recent agreement entails WOO Network negating the shares that 3AC had bought during the Series A phase.
Additionally, WOO will buy back a hefty 20 million WOO tokens, which carry a present-day value of approximately $3.4 million. These tokens won’t recirculate in the market, as they’ve been dispatched to a burn address—a cryptographic space beyond anyone’s reach.
3AC’s downfall in July 2021 was dramatic. Their significant stakes in the Terra Luna ecosystem, valued at a whopping $60 billion, couldn’t save them from bankruptcy when the system collapsed. This debacle was a classic case of the dangers of over-leverage.
Jack Tan, WOO’s co-founder, expressed his relief on this development. He emphasized the importance of removing any lingering uncertainties stemming from 3AC’s situation. Tan mentioned, “The team at WOO proactively collaborated with the liquidators to secure a fair deal to repurchase our shares and both vested and vesting tokens from 3AC’s estate.” He confidently stated that WOO Network will now march ahead without the shadows of the 3AC crisis.
Presently, the WOO token trades at roughly $0.17. Despite facing a 50% drop in value over the previous half-year, its price still stands a commendable 10% above its rate from a year ago.
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