Crypto Hedge Fund Polychain Prepares to Sell ROOK Token on Uniswap, Snubbing Lucrative Arbitrage Trade

In doing so, Polychain, one of the oldest and richest crypto hedge funds, seemingly thumbed its nose at a slightly risky arbitrage trade that could end up paying millions of dollars more. It is forgoing the opportunity to redeem its ROOK tokens via the “rage quit” smart contract, where it could at most yield $8.7 million. That’s because those ROOK tokens give it the right to a guaranteed slice of ROOK’s treasury, plus the possibility of even more upside if other ROOK holders forget to do the same.