Crypto trade WOO Community is about to sever all remaining ties with bankrupt Three Arrows Capital, after reaching a settlement to purchase again shares and tokens beforehand acquired by the crypto hedge fund.
In line with an Oct. 11 weblog publish, WOO reached a settlement settlement with Teneo — the agency tasked with liquidating the 3AC property — to buy greater than 20 million WOO tokens and extra shares that the hedge fund had acquired throughout WOO’s collection A funding spherical in Nov. 2021.
“We’re happy to clear the uncertainty associated to 3AC from the WOO ecosystem. We proactively collaborated with the liquidators to safe a good deal to repurchase our shares and each vested and vesting tokens from 3AC’s property,” stated WOO co-founder Jack Tan.
WOO stated the repurchase of shares and tokens is “at a sexy low cost” — a transfer that can sever all remaining ties to the collapsed hedge fund and its collectors.
As a part of the deal, WOO additionally agreed to cancel 3AC’s shares and enhance the possession of all different shareholders in proportion to the canceled shares.
Moreover, WOO claimed that the 20 million tokens it repurchased can be despatched to a burn handle, eradicating them from the circulating provide ceaselessly.
“The previous 18 months have seen a focus of dangerous information hit our business from large-scale failures to extra overzealous regulators. An intensive cleaning of the system has taken place and we’re trying ahead to rebuilding with our companions and crew,” Tan added.
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3AC was the biggest investor in WOO’s 2021 fundraising spherical, buying 25 million WOO tokens and fairness within the crypto trade. The crypto hedge fund collapsed in July final 12 months after making a collection of outsized, highly-leveraged bets on Do Kwon’s Terra Cash ecosystem, which got here crashing down two months earlier in Could.
The repurchasing settlement comes lower than two weeks after Su Zhu, one in every of 3AC’s co-founders was arrested in Singapore. Zhu will spend the following 4 months in a Singaporean jail for failing to adjust to an area court docket order.
3AC liquidators Teneo informed Cointelegraph that whereas Zhu is serving time in jail, “liquidators will search to have interaction with him on issues regarding 3AC, specializing in the restoration of property which might be both the property of 3AC or which have been acquired utilizing 3AC’s funds.”
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