In a bid to remove any lingering confusion, crypto exchange WOO has taken a significant step. They’ve initiated a strategic plan to buy back shares and tokens that were previously held by the now-defunct crypto hedge fund, 3AC. This move is designed to bring clarity to the situation, as the company explained today.
Furthermore, WOO has openly declared its intention to fairly increase the holdings of its other investors. Concurrently, a substantial sum of 20 million repurchased tokens has been allocated to a burn address. This action conceals the precise value of this recovery.
3AC played a pivotal role as the most significant investor in WOO’s Series A funding round. They acquired an equity stake that was intertwined with a substantial 25 million WOO tokens. Notably, the remaining tokens were earmarked for vesting over the following 12 months, as per the statement.
WOO Crypto Exchange Strategic Repurchase
Jack Tan, one of the co-founders of WOO Crypto Exchange , shared his thoughts on this unfolding situation. He expressed;
“We are pleased to clear the uncertainty related to 3AC from the WOO ecosystem,”
Taking a proactive approach, WOO closely collaborated with the overseers of the estate to craft a fair arrangement. This arrangement is aimed at recovering our shares, along with the tokens that had vested and were still vesting within 3AC’s estate.
Tan went on to share his further insights, stating;
“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.”
Su Zhu’s Detention
Photographs obtained by The Block in the preceding week have definitively confirmed the apprehension of Su Zhu, co-founder of 3AC. This incident occurred on September 26 at Singapore’s Changi Airport, as he was attempting to depart the country.
At a certain point in time, 3AC stood prominently as a titan in the crypto hedge fund realm. However, the closing chapter of its story unraveled in July 2022.
This happened shortly after the catastrophic collapse of the Terra ecosystem in the previous year. During that period, the fund bore a substantial debt, exceeding $3.5 billion, as evidenced in the records of that era.
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