The crypto exchange WOO has successfully recouped shares and tokens that were acquired by the failed hedge fund Three Arrows Capital (3AC), according to an announcement made on October 6th. It was revealed that 3AC was the largest investor in WOO’s Series A funding round, which was raised in November 2021.
As part of the settlement, WOO has agreed to cancel the shares of the now-defunct hedge fund, which will result in an increase in ownership for all other shareholders. In addition, WOO has repurchased and burnt 20 million tokens, further solidifying its position.
“This move clears the uncertainty related to 3AC from the WOO ecosystem,” explains Jack Tan, co-founder of WOO, emphasizing the positive impact this development will have on the company.
