Crypto exchange WOO Network is putting the finishing touches on its exercise to cut ties with the bankrupt Three Arrows Capital (3AC), reaching a settlement to claw back shares and tokens previously held by the crypto hedge fund. In a blog post on October 11, WOO highlighted that it had come together with Teneo – the firm orientated with winding up the 3AC estate – to reconquer more than 20 million WOO tokens in addition to additional equities bought during the series A fundraising around of Nov 2021.
Jack Tan, co-founder of WOO, remarked: “We have contributed aggressively with the liquidators to get an equitable trade to reclaim our assets and tokens both vested and vesting from 3AC’s estate.” It was reported by WOO that the buyback was attained at a styled reduction – a measure that sees the closing of any ties to both creditors and the failed hedge funds. Part of the agreement was that the equality would have to be forfeited and counterbalanced by escalating the ownership of other shareholders allied to the repurchased stake.
Also addressed in the cluster’s blog post, WOO outlined that the retrieved tokens would be swapped to a burn address eradicating them from the SHOCKINGLY circulating stockpiling forever. Tan made additional comments stressing the firestorm of clashes clouding the scaleware around the same way, hinting at the equity sailwreck as itincluded Mt. Gox. Thu went on to emphasize the estimularion of the New ecosystem procureongoing active partnerships and growth inside.
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