Crypto Donors Pay $1Million in Fees for a Failed Bid

A group of cryptocurrency donors had come forward to purchase a rare copy of the US Constitution. Not only did the group fail to proceed with the purchase, but it also was compelled to pay $1 million in fees. The group of around 17,000 crypto donors grabbed the limelight when they attempted to buy the US Constitution but failed. The group lost the bid to a crypto billionaire, and now the members are paying refunds for the failed bid. 

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. 

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.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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