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- WOO Community repurchases 20 Million WOO Tokens from 3AC.
- Woo has additionally cancelled shares bought by the Three Arrows Capital (3AC).
- The 20 Million tokens have been despatched to a burn tackle.
Taiwan-based liquidity supplier, WOO Community, has finalized a pivotal settlement with Three Arrows Capital (3AC) liquidators, marking a major step of their mission to regain management of their monetary future.
Three Arrows Capital’s submitting for chapter in July 2021 was triggered by a monetary meltdown pushed by extreme leverage. This disaster coincided with the tumultuous collapse of the $60 billion Terra Luna ecosystem, wherein 3AC held substantial investments.
In a transfer that clears the uncertainty surrounding 3AC’s involvement, WOO Community has repurchased shares and tokens initially bought to the bankrupt hedge fund throughout its 2021 Collection A fundraising.
20M WOO Community tokens despatched to burn tackle
Apart from repurchasing the 20 million WOO Tokens value roughly $3.4 million at present market costs, as a part of the settlement, WOO Community has cancelled the shares acquired by 3AC within the 2021 Collection A spherical.
WOO Community raised $30 million throughout its Collection A fundraise, although the particular funding quantity from 3AC stays undisclosed.
Apparently, the repurchased tokens have been securely despatched to a burn tackle, making certain they’re completely faraway from circulation and inaccessible.
WOO Community value resilience
Regardless of market turbulence that has seen the WOO token’s value halve over the previous six months, it stays 10% larger than its worth right now final 12 months. Presently buying and selling at round $0.1673, the WOO Community token is concentrated on shifting ahead, leaving the disruptive influence of 3AC’s chapter behind.
The token and shares repurchase underscores WOO Community’s dedication to securing its monetary future and rebuilding amid the unstable cryptocurrency panorama. Jack Tan, the co-founder of WOO Community, affirmed the corporate’s dedication to its mission, emphasizing that this settlement has helped take away the spectre of 3AC’s fallout.