WOO Network Buys Back Shares and Tokens From Bankrupt Three Arrows Capital

Taiwan-based liquidity supplier WOO Network has agreed to a woody with Teneo, the liquidator of bankrupt hedge money Three Arrows Capital (3AC), to repurchase shares and tokens it sold successful 2021.

According to a property release, WOO agreed to cancel shares purchased by 3AC successful 2021's Series A fundraise and repurchase 20 cardinal WOO tokens, worthy astir $3.4 cardinal astatine existent prices. The tokens person been sent to a pain code oregon crypto wallet that cannot beryllium accessed by anyone.

WOO raised $30 cardinal successful its Series A, though the magnitude of concern from Three Arrows Capital was undisclosed.

Three Arrows Capital filed for bankruptcy successful July 2021 pursuing a leverage-fueled implosion that coincided with the illness of the $60 cardinal Terra Luna ecosystem, to which the hedge money had important exposure.

"We are pleased to wide the uncertainty related to 3AC from the WOO ecosystem. We proactively collaborated with the liquidators to unafraid a just woody to repurchase our shares and some vested and vesting tokens from 3AC's estate. We are looking guardant to executing our ngo without further distractions from the 3AC fallout,” WOO co-founder Jack Tan said successful a statement.

The WOO token is presently trading astatine astir $0.17, having mislaid fractional of its worth successful the market-wide plunge implicit the past six months. However, the terms remains 10% higher than what it was astatine this clip past year, according to CoinMarketCap.

“The past 18 months person seen a attraction of atrocious quality deed our manufacture from large-scale failures to much overzealous regulators. A thorough cleansing of the strategy has taken spot and we are looking guardant to rebuilding with our partners and team,” Tan added.