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WOO Network, based in Taiwan, has entered into an agreement with Teneo, the entity responsible for managing the assets of the bankrupt hedge fund Three Arrows Capital. The agreement involves the repurchase of certain shares and tokens originally sold in the previous year.
Under the agreement, WOO Network will nullify the shares that Three Arrows Capital had acquired during the 2021 Series A fundraising event. Additionally, the liquidity provider will buy back approximately 20 million WOO tokens, valued at approximately $3.4 million based on current market rates. These repurchased tokens will be directed to a cryptographic burn address, rendering them inaccessible for any transactions.
Three Arrows Capital declared bankruptcy in July 2021 due to a risky leveraging strategy gone wrong. The simultaneous downturn of the Terra Luna ecosystem, in which the hedge fund had a major stake, further contributed to its financial troubles.
Jack Tan, a founding member of WOO Network, emphasized the organization's commitment to moving forward and focusing on its primary goals. The agreement with Teneo helps address any lingering concerns stemming from the previous association with Three Arrows Capital.
The current trading value of the WOO token is approximately $0.16. While it has experienced a significant drop in value over the last six months, its present worth is still 10% higher than its price in the same period the previous year, based on data from CoinMarketCap.
