Taiwan-based crypto exchange WOO Network announced that it had reached an agreement with Three Arrows Capital’s (3AC) liquidators, Teneo, to repurchase its shares held by the defunct exchange. In a blog post on Wednesday, the crypto firm stated it would reclaim its equity and up to 20 million WOO tokens held by the Singapore-based bankrupt crypto firm.
“We are pleased to clear the uncertainty related to 3AC from the WOO ecosystem. We proactively collaborated with the liquidators to secure a fair deal to repurchase our shares and both vested and vesting tokens from 3AC’s estate. We are looking forward to executing our mission without further distractions from the 3AC fallout,” the co-founder of WOO Network, Jack Tan, stated.
WOO Set to Move On
The WOO network stated it would cancel 3AC’s shares in the exchange and increase its shareholder’s equity accordingly as it looks to move on from the Three Arrow fallout in 2021. 3AC invested in the network back in 2021 in a Series A fundraiser campaign.
3AC was WOO’s largest investor in the fundraiser in November 2021, purchasing up to 25 million WOO tokens with an option to acquire more after 12 months. WOO stated it would reclaim 20 million of its tokens from the exchange at a discounted price and finally cut ties with 3AC for a more focused growth trajectory in the coming year. The Taiwan-based network also noted that it will send the tokens recovered from 3AC to the burn address for destruction.
“The past 18 months have seen a concentration of bad news hit our industry, from large-scale failures to more overzealous regulators. A thorough cleansing of the system has taken place, and we are looking forward to rebuilding with our partners and team,” Tan added.
3AC Continues to Struggle
While WOO seems to have a clear goal going forward, 3AC has continued to struggle to find its feet amidst the bankruptcy restructuring process. The liquidator had called for the arrest of the exchange’s co-founder, Su Zhu, earlier last month after failing to comply with investigations.
Not long ago, Singapore’s Central Bank placed a 9-year ban on 3AC’s founders for violating the country’s securities law. Three Arrows Capital filed for bankruptcy in 2022 after ten years of operations.
