The on-chain identity protocol ARCx announced the implementation of privatization to redeem all tokens for $1.77 million

ChainCatcher news, the on-chain identity protocol ARCx announced that due to market changes, its token lacks liquidity and its valuation does not reflect the actual value recognized by the team. ARCx will implement a privatization plan. ARCx token holders have two options: 1. Continue to hold ARCx, which will be non-transferable until further notice. 2. Exchange ARCx for USDC within the next month.

In addition, the team announced specific terms: 1. The buyout contract will take effect from October 31 and will last until November 30. 2. ARCx tokens will be redeemed at a price of 0.071 USDC. 3. This will cost the ARCx treasury up to $1.77 million (assuming all approximately 25 million tokens held by the community are redeemed). 4. The buyout contract is valid for one month, until November 30, 2022. After this date, ARCx tokens will be non-transferable. 5. After the buyout period ends, ARCx tokens will be immediately suspended, and contract-level transfers will be disabled until further notice. 6. The ARCx team will not participate in the buyout and will not redeem any vested or unvested team allocation tokens. (source link)