Attention: This Altcoin Team Sells During Price Increases!


The cryptocurrency market is gradually increasing its resistance. Leading cryptocurrency Bitcoin succeeded in maintaining its position above 34 thousand dollars. Most major altcoin projects also remain in the green zone. Meanwhile, it faced the sale of its team amid a top 100 token rise.

As the altcoin price rose, the team went on sale! As you can follow from , although the market does not see a steady rise, it is far from sharp declines. This further reinforces the belief of market players. Meanwhile, the highly anticipated Federal Reserve’s interest rate decision has arrived. Then Fed Chairman Jerome Powell made a speech. These developments did not create a serious change in the market. On the other hand, there are those who turn the rise into an opportunity. Woo Network team has started selling tokens amid the price rise, on-chain analytics Spot-on-chain reported. In this context, the analytics platform shared the following information for the altcoin:

Woo Network deposited net 15 million WOO ($3.17 million) via 2 addresses to Binance and Cobo in the last 6 hours. $5 million went to Binance via Ethereum and $10 million went to Cobo via Arbitrum. These addresses belong to Woo Network Team Wallets. In particular, it is noteworthy that the organization related to the Woo Network team has not made any transfers worth at least $ 1 million for more than a month. Currently, the Woo Network entity still holds 736 million WOO ($154 million) across 5 addresses.

WOO price. Source: Spo-on-chain

According to the chart shared by spot-on-chain, the WOO price dropped more than 6% during this period. However, the altcoin price later started to rise. According to CoinMarketCap data, at press time the WOO price was up over 3% on a daily basis. In this direction, the token was traded at $ 0.2187.

WOO daily price chart. Source: CoinMarketCap

WOO Network to sever ties with Three Arrows Capital

In recent weeks, WOO Network said it had agreed to buy back all tokens and equity previously held by collapsed hedge fund Three Arrows Capital (3AC). The altcoin project is preparing to sever all remaining ties with bankrupt 3AC after reaching a deal. According to an Oct. 11 blog post, WOO reached a settlement agreement with Teneo, the firm tasked with liquidating the 3AC property, to purchase more than 20 million WOO tokens and additional shares the hedge fund acquired during WOO’s Series A financing round in November 2021. In this context, the project team made the following statement:

We are pleased to clear the uncertainty regarding 3AC from the WOO ecosystem. We proactively cooperated with the liquidators to secure a fair agreement to repurchase our shares and both vested and vested tokens from 3AC’s estate.

WOO’s repurchase agreement announcement. Source: WOO


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