Taipei-based crypto exchange WOO has successfully repurchased its shares and tokens that were previously bought by Three Arrows Capital (3AC) before the latter’s bankruptcy. This comes after reaching a settlement with Teneo, the creditors of 3AC’s estate. WOO aims to regain stability through this share buyback.
Settlement Clears the Uncertainty
The settlement involves the repurchase and cancellation of shares and tokens acquired by 3AC during WOO’s Series A raise in 2021. WOO collaborated with liquidators to acquire these assets at a discount, allowing it to sever its remaining ties with 3AC and its creditors. CoFounder Jack Tan expressed satisfaction with clearing the uncertainty related to 3AC from the WOO ecosystem.
In the settlement, the company will repurchase and burn 20M tokens, increasing the ownership of other shareholders proportionally.
Latest Updates on 3AC
Meanwhile, 3AC, which filed for bankruptcy after losses from the Terra/Luna ecosystem collapse, has been revived as 3AC Ventures. The announcement was made by bankruptcy claims exchange OPNX, which will handle claims for 3AC. As an ecosystem partner, 3AC Ventures will invest in projects within the OPNX ecosystem.
Mixed Responses to 3AC’s Resurrection
The revival of 3AC has generated mixed reactions in the crypto community. Some express disbelief and curiosity about the reasons behind its initial downfall. Former BitMEX CEO Arthur Hayes has asked for clarification on why 3AC failed.
Hot Take: WOO Sets the Stage for a Stable Future
With the uncertainty surrounding 3AC’s bankruptcy cleared, WOO can now focus on growth and aim for a more stable future.
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