WOO Network Takes Charge
In a bold move, WOO Network has announced that it will be severing all connections to the bankrupt Three Arrows Capital (3AC). This follows a settlement where WOO will buy back shares and tokens that 3AC once held. A blog post dated October 11 made this revelation, dabbing a radical new brush over their troubled history.
A Clear Deal for a Clear Future
WOO Network has secured a deal with Teneo—the firm responsible for managing the liquidation of 3AC—to repurchase over 20 million WOO tokens and shares originally purchased by 3AC during WOO’s Series A funding round back in November 2021.
Jack Tan, co-founder of WOO, expressed relief at the situation, stating, “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.” Sounds like someone just bought themselves a peaceful night’s sleep!
Goodbye WOO Tokens, Hello Burn Address!
WOO has generously labeled the repurchasing agreement as occurring “at an attractive discount.” In layman’s terms, it’s a fire sale for tokens that no one ever wants to see again. Not only does this action sever ties with 3AC, but it also involves canceling 3AC’s existing shares while elevating the ownership stakes of other shareholders.
And the cherry on top? All those 20 million repurchased tokens are set to be sent to a burn address, poof—they’ll disappear from circulation forever. If only life worked the same way for all our regrets!
A Reflection on the Storm
Reflecting on the rough seas the crypto industry has endured, Tan stated, “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.” It seems like crypto traders need a life raft at this point.
The Ripple Effect of 3AC’s Collapse
Three Arrows Capital was the largest investor in WOO’s 2021 fundraising round, sinking its teeth into 25 million tokens and equity in the exchange. Yet the meteoric rise of 3AC ended dramatically when they jumped into risky, high-leverage investments that revolved around Do Kwon’s Terra ecosystem—basically, a gamble with their lunch money that went terribly wrong.
As for 3AC co-founder Su Zhu, his recent arrest in Singapore means he’ll have some time to reflect on those decisions—specifically four months in a local prison for not following a court order. Talk about a rough patch!
What’s Next for WOO Network?
Looking ahead, WOO Network is optimistic about rebuilding its reputation and moving forward after shedding the baggage associated with 3AC. Liquidators are still keeping an eye on Zhu during his time in confinement, with intentions to engage him regarding 3AC’s assets. After all, someone has to clean up this big ol’ mess!
