ROOK token holders can use the former governance token to redeem around $25M of the treasury that once belonged to Rook DAO, the defunct governing body whose members now run a new entity that only exists to liquidate the cash. realDannyNelson writes
Rook DAO is dead. But its riches are alive – and available to be claimed by ROOK token holders for the next 90 days.
Incubator DAO, the new entity, is being run by activist investors who once bristled at Rook Labs' perceived slights and demanded they return value to token holders. Rook Labs, the builders of Rook's MEV technology and de facto operators of the project, ultimately obliged. They cut a deal that divorced ROOK, the token from Rook the project, by effectively buying out token holders' governing rights for around 60% of the treasury.
Wismerhill, the Carl Icahn incarnate who leads the activist wing and now Incubator DAO, told CoinDesk he was glad all sides reached an amicable agreement.
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