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In a strategic move to clear the cloud of uncertainty looming over its ecosystem, Taiwan-based liquidity provider WOO Network has reached a significant settlement with the liquidator of the bankrupt hedge fund Three Arrows Capital (3AC), Teneo. Meanwhile, this development involves the repurchase of shares and tokens that 3AC acquired during WOO’s Series A fundraising round in November 2021.
Meanwhile, the liquidity provider has not only put an end to this contentious chapter but also set the stage for a more focused and promising future.
WOO Network Resolves 3AC Collapse
WOO Network recently announced a pivotal resolution in its dealings with Three Arrows Capital, bringing a sense of closure to the uncertainties surrounding their partnership. As part of this settlement, WOO Network decided to repurchase shares and tokens, originally acquired by 3AC during the Series A fundraise in November 2021, from Teneo.
In addition, 20 million WOO tokens, valued at over $3 million, were repurchased and subsequently sent to a burn address to ensure they couldn’t be accessed by anyone.
Talking about the latest move, Jack Tan, co-founder of WOO Network, emphasizes the importance of resolving the 3AC-related issues. Tan lauded the move in resolving the uncertainty surrounding 3AC in the WOO ecosystem, highlighting the proactive collaboration with liquidators to secure a fair agreement for repurchasing their shares, along with vested and vesting tokens, from 3AC’s estate.
Notably, Su Zhu, one of the co-founders of 3AC, has recently faced apprehension at Changi Airport. This incident occurred as Zhu Su sought to depart from Singapore on the afternoon of September 29, and was based on a committal order issued by Singapore Courts, resulting in a four-month prison sentence.
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What Lies Ahead?
This settlement represents a significant milestone for WOO Network, considering that 3AC was its largest investor during the Series A fundraising round. 3AC had not only acquired equity but also 25 million WOO tokens, with the remainder set to vest over the next 12 months.
Meanwhile, by repurchasing shares and tokens, WOO Network has effectively severed its ties with 3AC and its creditors, setting the stage for a more focused growth trajectory in the upcoming year.
Notably, Jack Tan observed that the cryptocurrency industry has faced an influx of adverse developments over the last 18 months, including significant failures and heightened regulatory scrutiny. He emphasized that a comprehensive restructuring of the system has occurred and expressed optimism about the future, looking forward to rebuilding alongside their partners and team.
In light of these recent developments, WOO Network is poised to move forward with renewed vigor, leaving behind the tumultuous period of the 3AC fallout. This strategic resolution not only ensures a fair and equitable outcome for shareholders but also heralds a promising future for WOO Network in the ever-evolving world of cryptocurrency.
Meanwhile, following the news, the WOO Network price was down 0.18% to $0.1692 over the past 24 hours, with its volume increasing 6.25% to $7.86 million. However, over the past 30 days, the crypto has noted gains of nearly 9% as of writing on Wednesday, October 11.
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