The liquidator of the insolvent hedge fund Three Arrows Capital (3AC), Teneo, and Taiwan-based liquidity provider WOO Network have reached an agreement for the repurchase of shares and tokens that WOO Network sold in 2021.
A press release stated that WOO consented to repurchase 20 million WOO tokens, which are currently valued at approximately $3.4 million, and to cancel the shares that 3AC had acquired during the 2021 Series A financing. The tokens have been delivered to an unaccessible burn address or cryptocurrency wallet. In its Series A, WOO raised $30 million; however, Three Arrows Capital withheld the amount of investment.
In July 2021, Three Arrows Capital declared bankruptcy as a result of an implosion driven by leverage that happened at the same time as the $60 billion Terra Luna ecosystem collapsed, to which the hedge fund was heavily exposed.
We are happy to have all doubts about 3AC removed from the WOO environment. In order to obtain a just buyback agreement for our shares and both vested and vesting tokens from 3AC’s estate, we proactively worked with the liquidators. WOO co-founder Jack Tan said in a statement, “We are looking forward to carrying out our mission without any additional distractions from the 3AC fallout.”
Having lost half of its value during the previous six months due to the market-wide decline, the WOO token is currently trading at about $0.17. According to CoinMarketCap, the price is still 10% higher than it was at this time last year.
“Our sector has experienced a concentration of negative news over the last 18 months, ranging from widespread failures to increasingly overbearing authorities. The system has been thoroughly cleaned, and we are eager to rebuild with our staff and partners,” Tan Continued.