Liquidity Provider Reaches Agreement with Liquidator of Bankrupt Hedge Fund
Taipei, Taiwan – – WOO Network, a Taiwan-based liquidity provider, has reached an agreement with Teneo, the liquidator of bankrupt hedge fund Three Arrows Capital (3AC), to repurchase shares and tokens sold in 2021.
Repurchase Details
- Cancellation of shares purchased by 3AC in WOO’s 2021 Series A fundraise
- Repurchase of 20 million WOO tokens, valued at approximately $3.4 million
- Tokens transferred to a burn wallet, rendering them inaccessible
Financial Impact
WOO raised $30 million in its Series A, with the investment amount from Three Arrows Capital undisclosed.
Impact on the WOO Network
“We are pleased to remove the uncertainty surrounding 3AC from the WOO ecosystem,” said Jack Tan, co-founder of WOO Network. “We worked closely with the liquidators to ensure a fair repurchase agreement and are now focused on executing our mission without further distractions.”
Market Performance of WOO Token
The WOO token is currently trading at approximately $0.17, down 50% from its peak six months ago but still 10% higher than its value at this time last year.
Recent Industry Developments
“The past 18 months have been challenging for the industry, marked by several failures and increased regulatory scrutiny,” Tan added. “However, we believe this has led to a cleansing of the system and are confident in collaborating with our partners and team to rebuild.”