WOO to repurchase shares and tokens from Three Arrows Capital

The Bitcoin exchange WOO, at a discount, will repurchase through bankruptcy proceedings the 3AC tokens and 3AC’s own shares. The move is aimed at “eliminating uncertainty”.

The initiative will be implemented after reaching such an agreement with the firm Teneo, which represents Three Arrows Capital’s interests in court.

In November 2021, the hedge fund invested in WOO as part of a Series A funding round. The investment vehicle also acquired 25 million platform tokens.

As a ‘fair solution for shareholders,’ the platform’s management proposed to retire the repurchased shares and proportionally increase their stake.

Additionally, the platform will burn the repurchased 20 million tokens. The remaining 5 million will be unlocked over the next 12 months.

In May 2022, after the crypto market crash and the Terra collapse, reports of possible insolvency at Three Arrows Capital emerged.

At the end of June, the British Virgin Islands court ordered liquidation of the hedge fund. In July, 3AC filed for bankruptcy in a New York court. According to Nansen, the organization managed assets worth about $10 billion.

In September, the Monetary Authority of Singapore for nine years banned the founders of Three Arrows Capital from participating in regulated business activity in the country.

In Singapore, co-founder Su Zhu of 3AC was detained while attempting to depart the country.