WOO Network buys back shares and 20M tokens from bankrupt 3AC

WOO Network buys back shares and 20M tokens from bankrupt 3AC

  • WOO Network repurchases 20 Million WOO Tokens from 3AC.
  • Woo has also cancelled shares purchased by the Three Arrows Capital (3AC).
  • The 20 Million tokens were sent to a burn address.

Taiwan-based liquidity provider, WOO Network, has finalized a pivotal agreement with Three Arrows Capital (3AC) liquidators, marking a significant step in their mission to regain control of their financial future.

Three Arrows Capital’s filing for bankruptcy in July 2021 was triggered by a financial meltdown driven by excessive leverage. This crisis coincided with the tumultuous collapse of the $60 billion Terra Luna ecosystem, in which 3AC held substantial investments.

In a move that clears the uncertainty surrounding 3AC’s involvement, WOO Network has repurchased shares and tokens initially sold to the bankrupt hedge fund during its 2021 Series A fundraising.

20M WOO Network tokens sent to burn address

Besides repurchasing the 20 million WOO Tokens worth approximately $3.4 million at current market prices, as part of the agreement, WOO Network has cancelled the shares acquired by 3AC in the 2021 Series A round.

WOO Network raised $30 million during its Series A fundraise, though the specific investment amount from 3AC remains undisclosed.

Interestingly, the repurchased tokens have been securely sent to a burn address, ensuring they are permanently removed from circulation and inaccessible.

WOO Network price resilience

Despite market turbulence that has seen the WOO token’s price halve over the past six months, it remains 10% higher than its value at this time last year. Presently trading at around $0.1673, the WOO Network token is focused on moving forward, leaving the disruptive impact of 3AC’s bankruptcy behind.

The token and shares repurchase underscores WOO Network’s commitment to securing its financial future and rebuilding amid the volatile cryptocurrency landscape. Jack Tan, the co-founder of WOO Network, affirmed the company’s dedication to its mission, emphasizing that this agreement has helped remove the spectre of 3AC’s fallout.

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