A Taiwan-based firm, WOO Network, has signed an agreement with Teneo, the company in charge of overseeing 3AC’s asset management.
In honour of this deal, WOO repurchased shares which were brought by 3AC back in the 2021. Additionally, WOO also repurchased 20 million WOO tokens, valued at approximately $3.4 million, and these tokens have been sent to the burn address.
In 2021, Terra Luna cryptocurrency ecosystem problems caused excessive borrowings and significant losses resulting into the bankruptcy of Three Arrows Capital.
Co-founder of WOO, Jack Tan, said, “We are pleased to clear the uncertainty related to 3AC from the WOO ecosystem. We proactively collaborated with the liquidators to secure a fair deal to repurchase our shares and both vested and vesting tokens from 3AC’s estate.”
Tan admitted the difficulties that the cryptocurrency industry had been facing but stressed their readiness to rebuild and push further with the assistance of their partners and team.
Tan, said, “The past 18 months have seen a concentration of bad news hit our industry from large-scale failures to more overzealous regulators. A thorough cleansing of the system has taken place and we are looking forward to rebuilding with our partners and team.”
This deal by WOO Network and Teneo illustrates flexibility against the challenges facing the cryptocurrency industry, as seen with 3AC’s assets.