Cryptocurrency trading platform WOO Network has revealed its intention to buy back its shares from bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC) to remove the uncertainty that has clouded its business due to the company’s collapse.
According to an official advertisementWOO agreed with Teneo to liquidate 3AC to buy back shares and tokens at a discount, severing the remaining link with the failed hedge fund and its creditors.
WOO Network buys back shares from 3AC
Three Arrows Capital purchased the shares and tokens during WOO’s Series A funding round in November 2021. At the time, 3AC was the largest investor in the trading platform.
While the total value of the shares and tokens to be bought back remains undisclosed, it is known that 3AC purchased shares in WOO along with 25 million WOO tokens. The tokens are set to vest over a 12-month period following the funding round.
WOO revealed that it will send 20 million repurchased WOO tokens to the copy address while canceling 3AC shares and increasing the ownership of other shareholders proportionately.
Commenting on WOO’s buyback plans, Jack Tan, co-founder of the network, said the exchange is happy to remove the uncertainty that 3AC’s collapse brought to the trading platform’s ecosystem.
“We have proactively cooperated with the liquidators to secure a fair deal to buy back our shares and both vested and vested tokens from 3AC’s ownership… The past 18 months have seen a concentration of bad news hitting our industry, from widespread failures to overzealous regulators,” Tan added: “A comprehensive decontamination of the system has been undertaken, and we look forward to rebuilding with our partners and team.”
Founder of 3AC to confront the law
While WOO is trying to restore its integrity in the cryptocurrency space, 3AC is still struggling with bankruptcy while the authorities try to make the hedge fund management face the wrath of the law. At the end of last month, 3AC co-founder Cho Soo was arrested in Singapore at Changi Airport while trying to leave the country.
The referral order obtained by Tinio due to Su’s refusal to cooperate with the court sentenced him to four months in prison. The same fate awaits 3AC’s other co-founder, Kyle Davis, whose whereabouts remain unknown.
Meanwhile, the Monetary Authority of Singapore has banned Su and Davies from engaging in any local financial or investment business for the next nine years.
Free Binance $100 (Exclusive): Use this link to sign up and get free $100 and 10% off Binance Futures in your first month (conditions).
PrimeXBT Special Offer: Use this link to register and enter code CRYPTOPOTATO50 to receive up to $7,000 on your deposits.