WOO, a leading Taipei-based crypto exchange, has successfully recouped its shares and tokens bought by Three Arrows Capital (3AC) prior to the latter’s bankruptcy.
This move follows a settlement reached with Teneo, the creditors of 3AC’s estate. WOO hopes that this share buyback will help it to regain some stability.
WOO Crypto Exchange ‘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’s collaboration with the liquidators has resulted in the successful acquisition of assets at a discount. Thus, it will finally be able to sever its remaining ties with 3AC and its creditors.
Emphasizing the company’s readiness to continue on without ‘further distractions,’ WOO CoFounder Jack Tan said,
“We are pleased to clear the uncertainty related to 3AC from the WOO ecosystem.”
In the settlement, the company will repurchase and burn 20M tokens, which will proportionally increase the ownership of all other shareholders.
Latest 3AC Goings-On
In the meantime, 3AC, which filed for bankruptcy following major losses after the Terra/Luna ecosystem collapse, has been revived under a new name, 3AC Ventures.
The announcement of this new iteration was made by bankruptcy claims exchange OPNX, which is set to handle claims for 3AC.
As an ecosystem partner, 3AC Ventures will invest in projects building in the OPNX ecosystem, working towards a decentralized future.
Read more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell
The resurrection of 3AC has incited mixed responses within the crypto community. Some reactions range from incredulity to curiosity about the reasons behind 3AC’s initial downfall. Former BitMEX CEO Arthur Hayes asked,
“Why did 3AC die, please enlighten us?”
As the dust settles, WOO also hopes that it has set the stage for a more stable future. With the uncertainty related to 3AC’s bankruptcy now cleared, the crypto exchange will focus on growth.
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Source: https://beincrypto.com/woo-crypto-exchange-shares-tokens-3ac-bankrupt/