Crypto exchange WOO Network has reached a settlement to sever ties with bankrupt hedge fund Three Arrows Capital. WOO will repurchase over 20 million WOO tokens and additional shares acquired by the hedge fund during WOO’s series A funding round. The repurchase will be done at an attractive discount, effectively cutting all remaining connections to the collapsed hedge fund. As part of the agreement, WOO will cancel 3AC’s shares and increase the ownership of other shareholders proportionally. The repurchased tokens will be sent to a burn address, permanently removing them from circulation. WOO co-founder Jack Tan expressed relief at clearing the uncertainty surrounding 3AC and looks forward to rebuilding with partners and the team. Three Arrows Capital was the largest investor in WOO’s 2021 fundraising round but collapsed after making risky bets on Terra Money. The repurchasing agreement comes shortly after one of 3AC’s co-founders, Su Zhu, was arrested in Singapore. While Zhu serves time in prison, liquidators will work on recovering assets belonging to 3AC.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇸🇬 |
| Sentiment | neutral |
| Relevance Score | 0 |
| People | Su Zhu, Jack Tan |
| Companies | Su Zhu, Do Kwon’s Terra Money ecosystem, Three Arrows Capital, Teneo, WOO Network |
| Currencies | WOO Network |
| Securities | None |
