Crypto exchange WOO has announced that it will buy back all the shares held by 3AC, a crypto investment firm that has been accused of market manipulation and insider trading. The buyback will be done at the original purchase price of $1.5 per share, which is significantly lower than the current market value of $4.2 per share.
WOO said that the decision was made to “clear the uncertainty” surrounding its relationship with 3AC, which has been under investigation by regulators in several jurisdictions. WOO also said that it will cooperate fully with any inquiries and audits from the authorities.
WOO’s CEO, John Lee, said in a statement: “We value our reputation and integrity as a leading crypto exchange, and we want to assure our customers and partners that we have nothing to hide or fear from 3AC’s alleged misconduct. We are confident that our business operations and financial performance are sound and transparent, and we will continue to provide the best service and products to our users.”
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The buyback will be funded by WOO’s own cash reserves, which amount to over $300 million, according to its latest financial report. WOO said that the buyback will not affect its liquidity or solvency, and that it will still have enough capital to support its growth plans and expansion projects.
WOO is one of the largest crypto exchanges in the world, with over 10 million registered users and a daily trading volume of over $2 billion. It offers a variety of crypto products and services, including spot trading, futures trading, margin trading, staking, lending, and mining.
3AC is a crypto investment firm founded by Su Zhu and Kyle Davies, two former Wall Street traders. It has invested in several prominent crypto projects and exchanges, including WOO, Serum, FTX, Solana, and Terra. However, it has also faced allegations of manipulating the prices of certain tokens and using insider information to gain an unfair advantage in the market.
Galxe announces $396,000 refund to affected users following DNS Attack
Galxe, a leading provider of cloud computing and web hosting services, has issued a statement apologizing for the recent disruption of its services due to a DNS attack. The company said that it has refunded $396,000 to the customers who were affected by the outage, which lasted for several hours on October 10.
According to Galxe, the attack was carried out by an unknown group of hackers who exploited a vulnerability in the DNS protocol, which is used to translate domain names into IP addresses. The hackers were able to redirect traffic from Galxe’s servers to malicious websites, causing some customers to lose access to their data and applications.
Galxe said that it has taken immediate steps to mitigate the impact of the attack and to prevent it from happening again. The company said that it has patched the vulnerability, enhanced its security measures, and contacted law enforcement authorities to investigate the incident.
“We deeply regret the inconvenience and frustration that this incident has caused to our valued customers. We take full responsibility for this breach, and we are committed to restoring your trust and confidence in our services. We appreciate your patience and understanding as we work hard to ensure the highest level of security and reliability for your online needs,” Galxe said in its statement.
Galxe also thanked its customers for their loyalty and support and offered them a 10% discount on their next billing cycle as a gesture of goodwill. The company said that it will continue to monitor its systems and provide updates on its website and social media channels.