WOO Network Repurchases Shares and Tokens from Bankrupt Three Arrows Capital

WOO Network, a liquidity DeFi provider headquartered in Taiwan, has come to an agreement with Teneo, the appointed liquidator overseeing the insolvency proceedings of Three Arrows Capital. This arrangement entails the buyback of both shares and tokens initially transacted in 2021.

As per the official declaration, WOO has chosen to invalidate the shares procured by Three Arrows Capital during the Series A fundraising campaign in 2021. Additionally, they will repurchase a total of 20 million WOO tokens, currently valued at approximately $3.4 million in the present market conditions. These tokens have been securely transferred to a burn address or a cryptocurrency wallet with restricted accessibility.

Throughout its Series A funding endeavor, WOO triumphantly secured $30 million, albeit the exact investment figure from Three Arrows Capital was not disclosed.

The financial crisis that ensued in July 2021, leading to the declaration of insolvency by Three Arrows Capital, was primarily attributed to overexerted leveraging. Interestingly, this occurrence coincided with the downfall of the Terra Luna ecosystem, which accounted for a substantial portion of the hedge fund's exposure.

Jack Tan, one of the co-founders of WOO, expressed contentment in settling the uncertainties associated with 3AC within the WOO ecosystem. He underscored the proactive cooperation with the liquidators in procuring an equitable arrangement for the buyback of shares, vested tokens, and tokens in the vesting stage from 3AC's estate. Tan remarked:

 "We eagerly anticipate pursuing our mission without further disruptions stemming from the aftermath of 3AC."

At present, the WOO token is valued at roughly $0.17, having encountered a 50% depreciation in value over the preceding six months in the midst of a broader market downturn. Nevertheless, this valuation remains 10% higher compared to the same period in the preceding year, according to the statistics provided by CoinMarketCap.

Tan also took a moment to contemplate the challenging 18-month period that the industry has undergone. This duration was characterized by substantial setbacks and an escalated level of regulatory oversight. He conveyed an optimistic outlook regarding the revival of the ecosystem through collaborative initiatives with partners and the dedicated team.

Read more: ARK Invest Ventures into Ether: Cathie Wood Files for Groundbreaking ETF