WOO Network to sever ties with Three Arrows Capital after share buyback

Crypto exchange WOO Network is set to sever all staying ties with insolvent Three Arrows Capital, after reaching a settlement to purchase back shares and tokens previously acquired by the crypto hedge fund.According to an Oct. 11 blog post, WOO reached a settlement agreement with Teneo– the firm entrusted with liquidating the 3AC estate– to acquire more than 20 million WOO tokens and additional shares that the hedge fund had actually acquired throughout WOOs series A financing round in Nov. 2021. As part of the deal, WOO likewise concurred to cancel 3ACs shares and increase the ownership of all other shareholders in proportion to the canceled shares.Additionally, WOO claimed that the 20 million tokens it redeemed would be sent out to a burn address, eliminating them from the flowing supply forever. An extensive cleaning of the system has taken location and we are looking forward to restoring with our partners and team,” Tan added.Related: Su Zhus $36M estate transformed into eco-farm post-3AC collapse: Report3AC was the biggest financier in WOOs 2021 fundraising round, buying 25 million WOO tokens and equity in the crypto exchange.

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