{"id":23944,"date":"2023-10-11T09:03:08","date_gmt":"2023-10-11T09:03:08","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/woo-network-buys-back-shares-and-20m-tokens-from-bankrupt-3ac\/"},"modified":"2023-10-11T09:03:08","modified_gmt":"2023-10-11T09:03:08","slug":"woo-network-buys-back-shares-and-20m-tokens-from-bankrupt-3ac","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/woo-network-buys-back-shares-and-20m-tokens-from-bankrupt-3ac\/","title":{"rendered":"WOO Network buys back shares and 20M tokens from bankrupt 3AC"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/10\/1697013633074-5bc2bbcf-45bb-4a4c-b3e7-59d153c06590-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/10\/1697013633074-5bc2bbcf-45bb-4a4c-b3e7-59d153c06590-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/10\/1697013633074-5bc2bbcf-45bb-4a4c-b3e7-59d153c06590-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/10\/1697013633074-5bc2bbcf-45bb-4a4c-b3e7-59d153c06590-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>WOO Network repurchases 20 Million WOO Tokens from 3AC.<\/li>\n<li>Woo has also cancelled shares purchased by the Three Arrows Capital (3AC).<\/li>\n<li>The 20 Million tokens were sent to a burn address.<\/li>\n<\/ul>\n<p>Taiwan-based liquidity provider, WOO Network, has finalized a pivotal agreement with Three Arrows Capital (3AC) liquidators, marking a significant step in their mission to regain control of their financial future.<\/p>\n<p>Three Arrows Capital\u2019s filing for bankruptcy in July 2021 was triggered by a financial meltdown driven by excessive leverage. This crisis coincided with the tumultuous <a href=\"https:\/\/coinjournal.net\/news\/terras-collapse-prompts-uk-regulation-of-stablecoins\/\">collapse of the $60 billion Terra Luna ecosystem<\/a>, in which 3AC held substantial investments.<\/p>\n<p>In a move that clears the uncertainty surrounding 3AC\u2019s involvement, WOO Network has repurchased shares and tokens initially sold to the bankrupt hedge fund during its 2021 Series A fundraising.<\/p>\n<h2>20M WOO Network tokens sent to burn address<\/h2>\n<p>Besides repurchasing the 20 million WOO Tokens worth approximately $3.4 million at current market prices, as part of the agreement, WOO Network has cancelled the shares acquired by 3AC in the 2021 Series A round.<\/p>\n<p>WOO Network raised $30 million during its Series A fundraise, though the specific investment amount from 3AC remains undisclosed.<\/p>\n<p>Interestingly, the repurchased tokens have been securely sent to a burn address, ensuring they are permanently removed from circulation and inaccessible.<\/p>\n<h2>WOO Network price resilience<\/h2>\n<p>Despite market turbulence that has seen the WOO token\u2019s price halve over the past six months, it remains 10% higher than its value at this time last year. Presently trading at around $0.1673, the <a href=\"https:\/\/coinjournal.net\/woo-network\/\">WOO Network token<\/a> is focused on moving forward, leaving the disruptive impact of 3AC\u2019s bankruptcy behind.<\/p>\n<p>The token and shares repurchase underscores WOO Network\u2019s commitment to securing its financial future and rebuilding amid the volatile cryptocurrency landscape. Jack Tan, the co-founder of WOO Network, affirmed the company\u2019s dedication to its mission, emphasizing that this agreement has helped remove the spectre of 3AC\u2019s fallout.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/woo-network-buys-back-shares-and-20m-tokens-from-bankrupt-3ac\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) WOO Network repurchases 20 Million WOO Tokens from 3AC. Woo has also cancelled shares purchased by the Three Arrows Capital (3AC). The 20 Million tokens were sent to a burn address. Taiwan-based liquidity provider, WOO Network, has finalized a pivotal agreement with Three [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":23945,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23944"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=23944"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23944\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/23945"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=23944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=23944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=23944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}