Taipei-based crypto exchange WOO repurchased its shares and tokens from Three Arrows Capital (3AC).
WOO Network, a Taiwan-based liquidity provider, successfully recouped shares and tokens sold to the now-bankrupt crypto lender Three Arrows Capital. WOO agreed to a deal with 3AC’s liquidators, Teneo, to repurchase 20 million WOO tokens it sold to 3AC in 2021.
20 Million WOO Tokens Sent to a Burn Address
The WOO Network said in an announcement that in an “equitable solution to all shareholders, WOO agreed to cancel 3AC’s shares and increase the ownership of all other shareholders proportionally. Additionally, the 20M tokens repurchased by WOO will be sent to the burn address.”
The bankrupt crypto lender was WOO’s largest investor in its 2021 Series A fundraising round, as it bought equity and 25 million WOO tokens.
Jack Tan, co-founder of WOO, said the platform is pleased to clear any uncertainty relating to 3AC:
“We are pleased to clear the uncertainty related to 3AC
We współpracy z: https://cryptodaily.co.uk/2023/10/woo-network-buys-back-shares-from-three-arrows-capital
