Cryptocurrency trading platform WOO Network has announced its plans to repurchase shares and tokens from bankrupt crypto hedge fund Three Arrows Capital (3AC). This move aims to eliminate the uncertainty surrounding WOO’s business caused by the collapse of 3AC. WOO has reached an agreement with 3AC’s liquidator, Teneo, to buy back the shares and tokens at a discount, severing ties with the failed hedge fund and its creditors.During WOO’s Series A funding round in November 2021, 3AC became the largest investor by purchasing shares and tokens. The exact value of the repurchased shares and tokens has not been disclosed, but it is known that 3AC acquired equity in WOO along with 25 million WOO tokens, which were set to vest over a 12-month period. WOO plans to send the repurchased 20 million WOO tokens to a burn address, cancel 3AC’s shares, and increase the ownership of other shareholders proportionally.Jack Tan, co-founder of WOO Network, expressed satisfaction with the repurchase plans, stating that the exchange is eager to eliminate the uncertainty caused by 3AC’s collapse. Tan emphasized the need for a cleansing of the industry following various failures and regulatory challenges, and looks forward to rebuilding with partners and the team.While WOO aims to restore its reputation in the crypto space, 3AC continues to face bankruptcy proceedings as authorities seek to hold the hedge fund’s management accountable. One of 3AC’s co-founders, Zhu Su, was recently arrested in Singapore while attempting to leave the country. Su has been sentenced to four months in prison for refusing to cooperate with the court, and the other co-founder, Kyle Davies, is currently missing. The Monetary Authority of Singapore has banned Su and Davies from participating in any local financial or investment businesses for the next nine years.
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 | Kyle Davies, Jack Tan, Zhu Su |
| Companies | Monetary Authority of Singapore, Teneo, Binance, WOO Network, Three Arrows Capital (3AC) |
| Currencies | WOO Network |
| Securities | None |
