Million

Terra

<div class="coinjournal">
 <ul>
  <li>WOO Network repurchases 20 Million WOO Tokens from 3AC.</li>
  <li>Woo has also cancelled shares purchased by the Three Arrows Capital (3AC).</li>
  <li>The 20 Million tokens were sent to a burn address.</li>
 </ul>
 <p>Taiwan-based liquidity provider, WOO Network, has finalized a pivotal agreement with <a rel="noopener noreferrer nofollow" title="Three Arrows" href="https://thebittimes.com/tag/three-arrows.html">Three Arrows</a> Capital (3AC) liquidators, marking a significant step in their mission to regain control of their financial future.</p>
 <p><a rel="noopener noreferrer nofollow" title="Three Arrows" href="https://thebittimes.com/tag/three-arrows.html">Three Arrows</a> Capital’s filing for <a rel="noopener noreferrer nofollow" title="bankrupt" href="https://thebittimes.com/tag/bankrupt.html">bankrupt</a>cy in July 2021 was triggered by a financial meltdown driven by excessive leverage. This crisis coincided with the tumultuous collapse of the $60 billion Terra Luna ecosystem, in which 3AC held substantial investments.</p>
 <p>In a move that clears the uncertainty surrounding 3AC’s involvement, WOO Network has repurchased <a rel="noopener noreferrer nofollow" title="shares" href="https://thebittimes.com/tag/shares.html">shares</a> and <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>s initially sold to the <a rel="noopener noreferrer nofollow" title="bankrupt" href="https://thebittimes.com/tag/bankrupt.html">bankrupt</a> hedge fund during its 2021 Series A fundraising.</p>
 <h2 id="20m-woo-network-tokens-sent-to-burn-address">20M WOO Network tokens sent to burn address</h2>
 <p>Besides repurchasing the 20 million WOO Tokens worth approximately $3.4 million at current market prices, as part of the agreement, WOO Network has cancelled the shares acquired by 3AC in the 2021 Series A round.</p>
 <p>WOO Network raised $30 million during its Series A fundraise, though the specific investment amount from 3AC remains undisclosed.</p>
 <p>Interestingly, the repurchased <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>s have been securely sent to a burn address, ensuring they are permanently removed from circulation and inaccessible.</p>
 <h2 id="woo-network-price-resilience">WOO Network price resilience</h2>
 <p>Despite market turbulence that has seen the WOO token’s price halve over the past six months, it remains 10% higher than its value at this time last year. Presently trading at around $0.1673, the WOO Network token is focused on moving forward, leaving the disruptive impact of 3AC’s bankruptcy behind.</p>
 <p>The token and shares repurchase underscores WOO Network’s commitment to securing its financial future and rebuilding amid the volatile cryptocurrency landscape. Jack Tan, the co-founder of WOO Network, affirmed the company’s dedication to its mission, emphasizing that this agreement has helped remove the spectre of 3AC’s fallout.</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/woo-network-buys-back-shares-and-20m-tokens-from-bankrupt-3ac-tbt65915.html">https://thebittimes.com/woo-network-buys-back-shares-and-20m-tokens-from-bankrupt-3ac-tbt65915.html</a></p>

WOO Network buys back shares and 20M tokens from bankrupt 3AC

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