WOO Network buys back shares and tokens from bankrupt Three Arrows Capital

The Taiwanese liquidity provider WOO Network has struck a deal with Teneo, the trustee of bankrupt hedge fund Three Arrows Capital (3AC), to buy back shares and tokens the network sold in 2021.

According to a press release, WOO agreed to withdraw shares purchased by 3AC in the 2021 Series A fundraiser and buy back 20 million WOO tokens, worth about $3.4 million at current prices. The tokens were sent to a fire address or cryptowallet that no one can access. WOO raised $30 million in its Series A, although Three Arrows Capital's investment amount was not disclosed.

Bankruptcy for Three Arrows Capital

Three Arrows Capital filed for bankruptcy in July 2021 after an implosion due to leverage that coincided with the collapse of the $60 billion Terra Luna ecosystem, with which the hedge fund had a strong partnership.

"We are pleased to remove the uncertainty regarding 3AC from the WOO ecosystem. We have proactively worked with the trustees to secure a fair deal for the repurchase of our shares and both vested and unvested tokens from 3AC's estate. We look forward to carrying out our mission without further distraction from the 3AC fallout," said WOO co-founder Jack Tan in a statement.

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