On October 6, the crypto exchange WOO confirmed the successful retrieval of shares and tokens once held by the now-collapsed hedge fund, Three Arrows Capital (3AC).
3AC was previously recognized as the primary investor in WOO’s Series A fundraising event which took place in November 2021. Additionally, WOO has decided to nullify the shares formerly held by the defunct hedge fund, which in turn raises the stakes of the remaining shareholders.
As part of the resolution, WOO has repurchased and destroyed 20 million tokens, as declared in their official statement.
Jack Tan, WOO’s co-founder, remarked that this action effectively “eliminates any lingering uncertainties associated with 3AC within the WOO community.”
“We actively worked alongside the liquidators to negotiate a just agreement to buy back our shares and both the vested and vesting tokens from the assets of 3AC.”
3AC acquired a stake and an additional 25 million WOO tokens, with the remaining amount set to be vested over the upcoming 12 months.
Tan also highlighted that the exchange is on a path to reconsolidate its partnerships and team. He emphasized that by repurchasing the shares and tokens from 3AC, it paves the way for the ecosystem to pursue a “dedicated growth path in the coming year.”
“Over the last year and a half, our sector has been bombarded with a series of negative events, from significant failures to overly aggressive regulatory actions. A comprehensive purification of the system has transpired, and we’re now eager to reconstruct and strengthen ties with our collaborators and team.”
This announcement emerges shortly after the Singaporean authorities confirmed the apprehension of Su Zhu, 3AC’s co-founder. The “36-year-old individual” was reportedly spotted attempting to flee from Changi Airport on September 29.
Teneo, the liquidator for 3AC, disclosed that both Zhu and co-founder Kyle Davies were sentenced to four months in prison. The current location of Davies, however, remains a mystery.
The Funding Round
In November 2021, WOO Network successfully secured $30 million in a Series A funding round, attracting a diverse group of investors.
Investors such as Crypto.com Capital, the Avalanche Asia Star Fund (AVATAR), AscendEX, LBank, Fenbushi Capital, and BitMart, among others, participated in this financing round.
WOO Network announced its intentions to allocate these funds towards the establishment of a research and development center in Warsaw, Poland.
