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

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Crypto trade WOO Community is ready to sever all remaining ties with bankrupt Three Arrows Capital, after reaching a settlement to purchase again shares and tokens beforehand acquired by the crypto hedge fund.

In response to an Oct. 11 weblog post, WOO reached a settlement settlement with Teneo — the agency tasked with liquidating the 3AC property — to buy greater than 20 million WOO tokens and extra shares that the hedge fund had acquired throughout WOO’s collection A funding spherical in Nov. 2021.

“We’re happy to clear the uncertainty associated to 3AC from the WOO ecosystem. We proactively collaborated with the liquidators to safe a good deal to repurchase our shares and each vested and vesting tokens from 3AC’s property,” mentioned WOO co-founder Jack Tan.

WOO’s announcement of the repurchasing settlement on X. Supply: WOO 

WOO mentioned the repurchase of shares and tokens is “at a gorgeous low cost” — a transfer that may sever all remaining ties to the collapsed hedge fund and its collectors.

As a part of the deal, WOO additionally agreed to cancel 3AC’s shares and enhance the possession of all different shareholders in proportion to the canceled shares.

Moreover, WOO claimed that the 20 million tokens it repurchased could be despatched to a burn handle, eradicating them from the circulating provide endlessly.

“The previous 18 months have seen a focus of unhealthy information hit our business from large-scale failures to extra overzealous regulators. A radical cleaning of the system has taken place and we’re trying ahead to rebuilding with our companions and workforce,” Tan added.

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

3AC was the most important investor in WOO’s 2021 fundraising spherical, buying 25 million WOO tokens and fairness within the crypto trade. The crypto hedge fund collapsed in July last year after making a collection of outsized, highly-leveraged bets on Do Kwon’s Terra Cash ecosystem, which came crashing down two months earlier in Might.

The repurchasing settlement comes lower than two weeks after Su Zhu, one of 3AC’s co-founders was arrested in Singapore. Zhu will spend the subsequent 4 months in a Singaporean jail for failing to adjust to a neighborhood courtroom order.

3AC liquidators Teneo instructed Cointelegraph that whereas Zhu is serving time in jail, “liquidators will search to have interaction with him on issues regarding 3AC, specializing in the restoration of belongings which might be both the property of 3AC or which were acquired utilizing 3AC’s funds.”

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