WOO Network to sever ties with Three Arrows Capital after share buyback

Crypto exchange WOO Network is set to sever all remaining ties with bankrupt Three Arrows Capital, after reaching a settlement to buy back shares and tokens previously acquired by the crypto hedge fund.

According to an Oct. 11 blog

3AC was the largest investor in WOO’s 2021 fundraising round, purchasing 25 million WOO tokens and equity in the crypto exchange. The crypto hedge fund collapsed in July last year after making a series of outsized, highly-leveraged bets on Do Kwon’s Terra Money ecosystem, which came crashing down two months earlier in May.

The repurchasing agreement comes less than two weeks after Su Zhu, one of 3AC’s co-founders was arrested in Singapore. Zhu will spend the next four months in a Singaporean prison for failing to comply with a local court order.

3AC liquidators Teneo told Cointelegraph that while Zhu is serving time in prison, “liquidators will seek to engage with him on matters relating to 3AC, focusing on the recovery of assets that are either the property of 3AC or that have been acquired using 3AC’s funds.”

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