Yello Paradisers! WOO Network, a prominent liquidity provider based in Taiwan, has struck a deal with Teneo, the appointed liquidator for the now-bankrupt hedge fund Three Arrows Capital (3AC). The agreement entails WOO Network repurchasing shares and tokens it had previously sold in 2021.
📰 Details of the Repurchase
In a recent press release, WOO Network revealed its decision to cancel the shares that 3AC had acquired during the 2021 Series A fundraising round. Additionally, WOO repurchased a staggering 20 million WOO tokens, equivalent to approximately $3.4 million at current market rates. These tokens have been subsequently sent to a burn address, ensuring they are permanently removed from circulation.
📰 Backdrop of the Series A Fundraise
WOO Network had successfully raised $30 million in its Series A round. However, the specific investment amount contributed by Three Arrows Capital remains undisclosed.
📰 Three Arrows Capital’s Downfall
The hedge fund 3AC declared bankruptcy in July 2021. This decision came in the wake of a catastrophic leverage-driven collapse, which coincided with the downfall of the Terra Luna ecosystem, valued at $60 billion. 3AC had a significant stake in this ecosystem, which exacerbated its financial woes.
📰 WOO Network’s Stance
Jack Tan, WOO Network’s co-founder, expressed relief at resolving the uncertainties surrounding 3AC’s involvement in the WOO ecosystem. He stated, “We proactively collaborated with the liquidators to secure a fair deal to repurchase our shares and both vested and vesting tokens from 3AC’s estate. We are looking forward to executing our mission without further distractions from the 3AC fallout.”
📰 WOO Token’s Market Performance
Currently, the WOO token is trading at an approximate value of $0.17. Despite witnessing a 50% drop in its value over the past six months due to market-wide fluctuations, the token’s price is still 10% higher than its value from the same period last year, as per data from CoinMarketCap.
📰 Jack Tan’s Optimistic Outlook
Reflecting on the challenges faced by the industry in the past 18 months, Tan remarked, “The past 18 months have seen a concentration of bad news hit our industry from large-scale failures to more overzealous regulators. A thorough cleansing of the system has taken place and we are looking forward to rebuilding with our partners and team.”
ParadiseTeam🌴
