Taiwan-based liquidity provider, WOO Network, has reached a significant agreement with Three Arrows Capital (3AC) liquidators, taking a crucial step towards regaining control of its financial future. 3AC filed for bankruptcy in July 2021 due to a financial crisis caused by excessive leverage and the collapse of the $60 billion Terra Luna ecosystem, in which 3AC had significant investments. WOO Network has repurchased shares and tokens previously sold to 3AC during its 2021 Series A fundraising, totaling 20 million WOO Tokens worth approximately $3.4 million. Additionally, the shares acquired by 3AC in the Series A round have been cancelled. Notably, the repurchased tokens have been sent to a burn address, ensuring their permanent removal from circulation. Despite recent market turbulence, the price of the WOO token remains 10% higher than a year ago, currently trading at around $0.1673. This repurchase highlights WOO Network’s commitment to securing its financial future and moving forward from the impact of 3AC’s bankruptcy. Co-founder Jack Tan emphasized the company’s dedication to its mission and the positive impact of this agreement in removing the fallout from 3AC’s involvement.
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 | Jack Tan |
| Companies | Three Arrows Capital (3AC), WOO Network, Terra Luna ecosystem |
| Currencies | WOO Network |
| Securities | None |
