Title: WOO Network Buys Back Shares and 20M Tokens from Bankrupt 3AC
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.
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.