Teneo has has signed an agreement with a Taiwanese company named WOO Network to handle the assets of 3AC. In this transaction, 3AC purchased certain 2021 shares from WOO, some of which were terminated by WOO.
A burn address has been given to the 20 million WOO tokens that WOO also repurchased, valued at roughly $3.4 million.
Problems with the Terra Luna cryptocurrency ecosystem in 2021 led to Three Arrows Capital’s collapse through excessive borrowing and severe losses.
According to Jack Tan, a co-founder of WOO, “We are happy to remove the uncertainty associated to 3AC from the WOO ecosystem. We aggressively worked with the liquidators to negotiate a reasonable price for the repurchase of our shares, including with the vested and vesting tokens, from 3AC’s estate.
Tan acknowledged the challenges the bitcoin market has been facing but emphasized their willingness to recover and advance with the help of their partners and staff.
The last 18 months have witnessed a concentration of negative news for our business, from widespread failures to increasingly overbearing regulators, according to Tan. We are excited to rebuild with our partners and staff now that the system has undergone a complete cleaning.
With the help of 3AC’s assets, this agreement between WOO Network and Teneo demonstrates adaptability in the face of the difficulties the cryptocurrency sector is currently undergoing.
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