WOO Network Buys Back Tokens and Shares From 3AC

WOO Network Buys Back Tokens and Shares From 3AC

News, Altcoin news

Taiwan-based crypto trading platform WOO Network has reached a deal with Three Arrows Capital liquidators Teneo to buy back shares and tokens purchased by the now-bankrupt hedge fund back in 2021.

As part of the agreement, WOO repurchased 20 million WOO tokens worth approximately $3.4 million from 3AC’s residual assets. The tokens have been sent to a burn address.

Clearing Out Defunct 3AC Holdings

In a statement, WOO co-founder Jack Tan said the buyback “clear[s] the uncertainty related to 3AC from the WOO ecosystem” and the firm collaborated promptly with liquidators to reach a fair settlement.

3AC’s excessive leverage left it exposed when Terra’s ecosystem collapsed, ultimately leading to its insolvency.

Cautious Optimism Amid Industry Shakeout

While acknowledging the industry’s difficulties, Tan stressed WOO is prepared to rebuild and push forward with assistance from partners and its team.

The crypto sector has weathered cascading failures of key players like Celsius, Voyager Digital and FTX, along with a punishing bear market.

But Tan struck a cautiously optimistic tone about the industry emerging cleaner after this thorough “cleansing.”

Sign of Resilience

The negotiated clawback of 3AC’s holdings demonstrates pragmatic resolution of the hedge fund’s lingering ties amid complex liquidation proceedings.

WOO’s flexibility and cooperation with 3AC liquidators underscores the capacity for reputable crypto players to endure shakeouts and partner constructively on recovery.

With proactive balance sheet hygiene and prudent risk management, fundamentally robust platforms can persevere into brighter days as weaker hands wash out.

Three Arrow Capital