In light of recent events surrounding the once-prominent hedge fund, Three Arrows Capital (3AC), the cryptocurrency exchange WOO has revealed plans to repurchase its shares and tokens, originally acquired by 3AC. This strategic initiative aims to “dispel uncertainty” resulting from the unexpected disappearance of 3AC.
WOO has successfully negotiated a settlement with Teneo, the liquidator of 3AC. As part of this settlement, WOO intends to acquire the shares and tokens that 3AC had initially purchased during WOO’s Series A fundraising round in November 2021.
The Legacy of 3AC and WOO’s Resilient Perspective
WOO’s journey with 3AC was crucial; the hedge fund was the main investor in the cryptocurrency exchange during its Series A round.
Jack Tan, co-founder of WOO, expressed optimism and relief in the statement, stating:
Facing industry challenges, from large-scale failures to stricter regulations, we have witnessed a systemic reset.
Adding to the complications for 3AC, the recent arrest of its co-founder, Su Zhu, at Singapore’s Changi Airport. 3AC filed for bankruptcy in July 2022, following the collapse of the Terra ecosystem.