In a bold move aimed at restoring its integrity and erasing the shadow of uncertainty cast by the collapse of crypto hedge fund Three Arrows Capital (3AC), cryptocurrency trading platform WOO Network has announced its intention to repurchase shares from the beleaguered hedge fund. The move comes in the wake of 3AC’s bankruptcy, which had raised questions about the future of WOO Network.
A Deal to Clear the Fog
WOO Network has reached an agreement with 3AC’s liquidator, Teneo, to buy back the shares and tokens at a discount, effectively severing the remaining ties between the two entities. 3AC had initially invested in WOO during its Series A funding round in November 2021, becoming the platform’s largest investor. Although the exact value of the shares and tokens remains undisclosed, it is known that 3AC acquired equity in WOO alongside 25 million WOO tokens.
WOO Network has further disclosed its plan to send the repurchased 20 million WOO tokens to a burn address, canceling 3AC’s shares, and redistributing ownership to other shareholders proportionally. Jack Tan, co-founder of WOO Network, expressed his satisfaction with the move, emphasizing the necessity of cleansing the system after recent industry failures and regulatory scrutiny.
As WOO strives to rebuild and regain its standing in the crypto space, 3AC finds itself entangled in legal troubles. One of its co-founders, Zhu Su, was recently arrested in Singapore, and both Su and his counterpart, Kyle Davies, have been banned from participating in local financial or investment businesses for the next nine years by the Monetary Authority of Singapore.