The people behind a failed offer to buy a rare original copy of the United States constitution face a flood of refunds – up to $ 40 million for 17,000 donors.
The ConstitutionDAO team used a “decentralized” approach, largely unregulated and using cryptocurrencies, to amass their fortunes. But the large fees for those crypto transactions are consuming huge sums of money in the refund process. The group said that issuing refunds was its top priority. It later announced, on its website, that the project was closing, even though it originally promised to continue. We know that everyone is eager to hear what the next steps are for ConstitutionDAO, and we have been deeply exploring various options,” he said.
While we would very much like to be able to do this, we have determined that the construction and maintenance of an ongoing project is not something that we, as a core team, can support, given the technical and administrative requirements to do it properly. But the group also encouraged investors in the scheme to claim their refunds, saying there was no “time limit. ConstitutionDAO, short for “decentralized autonomous organization. raised large sums of money in the cryptocurrency Ethereum to bid for an extremely rare
The group had promised to keep the historic document “for the people private copy of the original print of the US constitution. Crypto Offering to Buy US Constitution Raises Over $ 40 Million Crypto group fails in bid for rare US constitution. But they were outbid by a private investor, and the document sold for more than double the auction house’s original estimate. Now, some investors in the scheme report that they must pay fees of up to half of their refund. That’s because the Ethereum network records its transactions on the blockchain.
And like Bitcoin mining, it requires computational power to function. the same core technology idea that powers other cryptocurrencies like Bitcoin. Gas” is the fee paid to those who run the computer systems to facilitate transactions. And the price changes based on supply and demand. That means that, at times, it can be much more expensive to carry out any type of transaction, depending on how busy the Ethereum network is the group said it had 17,437 donors with an average donation of $ 206.26.