Taiwan-based liquidity provider, WOO Network, has reached a significant agreement with Three Arrows Capital (3AC) liquidators, taking a crucial step towards regaining control of its financial future. 3AC filed for bankruptcy in July 2021 due to a financial crisis caused by excessive leverage and the collapse of the $60 billion Terra Luna ecosystem, in which 3AC had significant investments. WOO Network has repurchased shares and tokens previously sold to 3AC during its 2021 Series A fundraising, totaling 20 million WOO Tokens worth approximately $3.4 million. Additionally, the shares acquired by 3AC in the Series A round have been cancelled. Notably, the repurchased tokens have been sent to a burn address, ensuring their permanent removal from circulation. Despite recent market turbulence, the price of the WOO token remains 10% higher than a year ago, currently trading at around $0.1673. This repurchase highlights WOO Network’s commitment to securing its financial future and moving forward from the impact of 3AC’s bankruptcy. Co-founder Jack Tan emphasized the company’s dedication to its mission and the positive impact of this agreement in removing the fallout from 3AC’s involvement.

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Information	Details
Geography	Asia
Countries
Sentiment	neutral
Relevance Score	0
People	Jack Tan
Companies	Three Arrows Capital (3AC), WOO Network, Terra Luna ecosystem
Currencies	WOO Network
Securities	None