Title: WOO Network Buys Back Shares and 20M Tokens from Bankrupt 3AC
Introduction:
In a significant move towards reclaiming control over its financial future, Taiwan-based liquidity provider, WOO Network, has recently finalized a groundbreaking agreement with the liquidators of Three Arrows Capital (3AC). This agreement involves the repurchase of shares and tokens from the bankrupt hedge fund, marking a crucial step for WOO Network’s growth and stability.
Background of 3AC’s Bankruptcy:
The financial meltdown faced by Three Arrows Capital in July 2021 was primarily triggered by excessive leverage. This crisis occurred simultaneously with the dramatic collapse of the $60 billion Terra Luna ecosystem, in which 3AC had significant investments. The bankruptcy filing by 3AC had raised uncertainties regarding their involvement with WOO Network.
Repurchase and Cancellation:
To address the uncertainties surrounding 3AC’s role, WOO Network has repurchased approximately 20 million WOO Tokens from the bankrupt hedge fund. These tokens, worth around $3.4 million based on current market prices, have been permanently removed from circulation by sending them to a burn address. Additionally, the shares acquired by 3AC during WOO Network’s 2021 Series A fundraising have been cancelled.
WOO Network’s Series A Fundraise and Financial Resilience:
During its Series A fundraising, WOO Network raised $30 million, although the specific investment amount from 3AC remains undisclosed. Despite facing market turbulence leading to a 50% decrease in the value of the WOO token in the past six months, it still maintains a 10% higher value compared to the previous year. Presently trading at around $0.1673, the WOO Network token aims to move forward, leaving the disruptive impact of 3AC’s bankruptcy behind.
Commitment to Financial Future:
The repurchase of tokens and cancellation of shares highlight WOO Network’s commitment to securing its financial future amidst the volatile cryptocurrency landscape. Jack Tan, the co-founder of WOO Network, expressed the company’s dedication to its mission, emphasizing that this agreement has helped eliminate the shadow of 3AC’s fallout.
Conclusion:
WOO Network’s buyback of shares and tokens from 3AC, combined with the cancellation of shares acquired during the fundraising round, is a significant step for the Taiwan-based liquidity provider. This move exemplifies their determination to rebuild and secure their financial future in the face of market turbulence. With a commitment to moving forward and leaving the disruptive impact of 3AC’s bankruptcy behind, WOO Network remains focused on its mission in the cryptocurrency landscape.
