Cryptocurrency donors pay $1 million fees for failing to offer a rare copy of the US Constitution

Cryptocurrency donors pay $1 million fees for failing to offer a rare copy of the US Constitution

As noted, the cryptocurrency donors suffered a loss of $850,000 on donations and $163,000 on refunds. The group had used ether to drive the digital transactions, which were too costly, and as a result, the cryptocurrency donors had to pay for transaction costs and refunds. The excessive amount of charges to be met indicates the difficulty of using cryptocurrencies in daily transactions. The group has to meet the payment of the Ether gas fee that is charged for the transactions involved in the exchange of cryptocurrency assets.

Cryptocurrency donors integrated for a failed endeavor to purchase rare copy of the US Constitution have added affront to their physical issue as more than $1 million in fees, data showed Wednesday. More than 17,400 donors joined a work to make the document purchase title at a bartering in New York, yet individuals are requesting a refund after losing out to billionaire’s  bid of $43 million this week. The crowd-funding effort utilized the digital money ether, which charges a fee for every transaction – so givers needed to pay both to pitch in and get their money back.

It seems that, despite paying a hefty penalty, the group is still keeping their hopes up about ConstitutionDAO. Even though the group has recently been disbanded, the donors have succeeded in proving to the world that a group of individuals on the internet can achieve impossible goals through teamwork. The billionaire who won the US Constitution bid at the auction is Kenneth Griffin, the CEO of Citadel, the hedge fund firm of Chicago. Griffin is going to lend the rare copy of the US Constitution to the museum of Bentonville, Arkansas, Crystal Bridges museum.

The grand auction event took place at Sotheby’s. It was declared at the auction that the rare piece of text dated 1787 is one of the thirteen copies of the US Constitution.

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