Bitcoin exchange WOO will buy at a discount from a cryptocurrency hedge fund going through bankruptcy proceedings 3AC tokens and their shares. The move aims to “eliminate uncertainty.”
The initiative will be implemented after reaching an agreement with Teneo. The latter represents the interests of Three Arrows Capital in court.
In November 2021, the hedge fund invested in WOO as part of the Series A funding round. The structure also acquired 25 million tokens of the platform.
As a “fair solution for shareholders,” the platform’s management proposed to redeem the repurchased shares and increase their share proportionally.
Additionally, the platform will burn the purchased 20 million tokens. The remaining 5 million will be unlocked over the next 12 months.
In May 2022, after the collapse of the cryptocurrency market and the collapse of Terra, information appeared about the possible insolvency of Three Arrows Capital.
At the end of June, a court in the British Virgin Islands ordered the liquidation of the hedge fund. In July, 3AC filed for bankruptcy in New York court. According to Nansen, the organization managed about $10 billion in assets.
In September, the Monetary Authority of Singapore banned Three Arrows Capital’s founders from engaging in regulated business activities in the country for nine years.
Let us remind you that 3AC co-founder Su Zhu was detained in Singapore while trying to fly out of the country.
Found an error in the text? Select it and press CTRL+ENTER
ForkLog newsletters: keep your finger on the pulse of the Bitcoin industry!