WOO Network to sever ties with Three Arrows Capital after share buyback

Crypto speech WOO Network is acceptable to sever each remaining ties with bankrupt Three Arrows Capital, aft reaching a colony to bargain backmost shares and tokens antecedently acquired by the crypto hedge fund.

According to an Oct. 11 blog post, WOO reached a colony statement with Teneo — the steadfast tasked with liquidating the 3AC property — to acquisition much than 20 cardinal WOO tokens and further shares that the hedge money had acquired during WOO’s bid A backing circular successful Nov. 2021.

"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,” said WOO co-founder Jack Tan.

WOO's announcement of the repurchasing statement connected X. Source: WOO 

WOO said the repurchase of shares and tokens is “at an charismatic discount” — a determination that volition sever each remaining ties to the collapsed hedge money and its creditors.

As portion of the deal, WOO besides agreed to cancel 3AC’s shares and summation the ownership of each different shareholders successful proportionality to the canceled shares.

Additionally, WOO claimed that the 20 cardinal tokens it repurchased would beryllium sent to a pain address, removing them from the circulating proviso forever.

“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.

Related: Su Zhu’s $36M mansion transformed into eco-farm post-3AC collapse: Report

3AC was the largest capitalist successful WOO’s 2021 fundraising round, purchasing 25 cardinal WOO tokens and equity successful the crypto exchange. The crypto hedge money collapsed successful July past year after making a bid of outsized, highly-leveraged bets connected Do Kwon’s Terra Money ecosystem, which came crashing down 2 months earlier successful May.

The repurchasing statement comes little than 2 weeks aft Su Zhu, 1 of 3AC’s co-founders was arrested successful Singapore. Zhu volition walk the adjacent 4 months successful a Singaporean situation for failing to comply with a section tribunal order.

3AC liquidators Teneo told Cointelegraph that portion Zhu is serving clip successful prison, “liquidators volition question to prosecute with him connected matters relating to 3AC, focusing connected the betterment of assets that are either the spot of 3AC oregon that person been acquired utilizing 3AC’s funds.”

Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.

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