After the repurchase of the WOO network, to cut ties with Three Arrows Capital

Crypto exchange WOO Network is set to cut ties with bankrupt Three Arrows Capital, after agreeing to buy shares and tokens previously acquired by the crypto hedge fund.

According to a blog post on October 11, WOO has reached an agreement with Teneo to purchase more than 20 million WOO tokens and additional shares – in WOO's Series A funding round in November 2021.

“We are pleased to clear the uncertainty associated with 3AC from the WOO ecosystem. We actively cooperated with the liquidators to secure a fair deal to purchase our shares and tokens issued and issued from 3AC's estate,” said Jack Tan, co-founder of WOO.

WOO is repurchasing shares and tokens at an “exciting discount” — a move that would sever ties with the collapsed hedge fund and its lenders.

As part of the deal, WOO has agreed to cancel 3AC's shares and increase the ownership of all shareholders in proportion to the canceled shares.

In addition, WOO said the 20 million tokens it bought back would be sent to a burned address, removing it from its distribution forever.

“The past 18 months have seen an accumulation of bad news on our industry, from major failures to overzealous regulators. A thorough cleanup of the system has been done and we look forward to rebuilding with our partners and team,” added Tan.

RELATED: Su Zhou's $36m Mansion Turned into Eco-Farm After 3AC Collapse: Report

3AC was the largest investor in the WOO 2021 fundraising round, buying 25 million WOO tokens and equity in the crypto exchange. The crypto hedge fund collapsed in July last year after making a series of over-leveraged and over-leveraged bets on Do Kun Terra Money Ecosystem, which collapsed two months ago in May.

The acquisition agreement comes less than two weeks after Su Zhou, one of 3AC's founders, was arrested in Singapore. Zhou will spend the next four months in a Singapore jail for disobeying a local court order.

3AC liquidators Teneo told Cointelegraph that while Zhou was in prison, “liquidators will want to engage with him in matters related to 3AC, focusing on recovering assets belonging to 3AC or acquired using 3AC funds.” ”

Magazine: Blockchain Investigators – Matt Gox's failure saw the birth of Chinalysis