Key Highlights:
- π WOO Network strikes a key settlement with Teneo, paving the way to buy back over 20 million tokens and shares from Three Arrows Capital.
- π₯ In a bold move, WOO commits to sending 20 million repurchased tokens to a burn address, ensuring they’re removed from circulation forever.
- π 3AC co-founder, Su Zhu, faces a 4-month stint in a Singaporean prison, while Teneo seeks discussions on missing 3AC assets.
The digital currency domain experienced yet another twist as WOO Network cuts the cord with its once influential partner, Three Arrows Capital. Let’s break down the what, why, and how of this unfolding drama. π
WOO repurchases all shares and tokens from 3ACβs estate after reaching a mutually agreeable settlement.
— WOO (@WOOnetwork) October 11, 2023
As part of the transaction, all acquired shares will be canceled and the 20M tokens will be burned.
Full details here:https://t.co/HRhUmAagML https://t.co/MMRNJg0Y3M
WOO Network’s Decisive Step Away from 3AC
Hey there! Heard about WOO Network’s latest move? No? Well, grab a cuppa and settle in. On a breezy Oct. 11, the crypto airwaves buzzed with news that WOO Network had penned a settlement with Teneo. Why does this matter? It’s all about freeing WOO from the clutches of a now-bankrupt Three Arrows Capital.
Quick question: π€ What was the essence of the agreement? Fast answer: It was a nifty deal that had WOO buy back over 20 million of their tokens and some shares initially snatched up by the hedge fund during WOO’s grand Series A back in November 2021.
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A Fresh Start and a Token Burn
For many in the industry, clarity is gold. Jack Tan, WOO’s spirited co-founder, expressed his relief in shaking off the 3AC shadows. He stressed, βWe wanted a clean slate. So, we worked with the liquidators, struck a fair deal, bought back our shares and tokens – all at a tempting discount.β π
But what’s the big picture here? Well, this isn’t just about cutting ties; it’s about a rebirth. Part of the deal had WOO agree to toss 3AC’s shares, giving a leg up to the other shareholders. Oh, and remember those 20 million tokens? Gone! They’re heading straight to a burn address, zapped from circulation forever. π₯
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An Industry Reset: Lessons from the Past
Jack Tan didn’t pull any punches, remarking, βWe’ve been through a storm, from major failures to regulators who, maybe, were a tad too enthusiastic. But we’ve scrubbed the decks and are ready to sail forward with our crew and allies.β β΅
Did you know? 3AC was the big fish during WOOβs 2021 funding bonanza, grabbing 25 million WOO tokens and a slice of the company pie. But the ship hit rocky waters in May when they placed big, bold bets on Do Kwonβs Terra Money – and lost big.
3ACβs Downfall and the Upcoming Legal Quagmire
Brace yourselves; this saga has another layer. Just a fortnight ago, Su Zhu, one of 3ACβs top dogs, found himself on the wrong side of Singaporean bars. His crime? Ignoring a local court decree. And as he enjoys his new 4-month home, Teneo aims to have a heart-to-heart about the lost 3AC assets. π
Sergio Richi
Editor, Logll Tech News