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????
