Corrupt Collective Hedge Fund loses bid for Mughal rare copy of US Constitution

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One group raised 40 40 million in cryptocurrencies but could not afford to buy a copy of the founding document of the United States.

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A hastily formed group of crypto enthusiasts came close to buying a copy of the first edition of the US Constitution but failed to secure the document, which was bought by the CEO of a hedge fund. $ 43.2 million.

The last Sotheby’s auction, held on Thursday evening, began at 30 million and escalated between the corrupt group ConstitutionDAO and another bidder, later identified as hedge fund billionaire Ken Griffin. ۔ It was not immediately clear who won the auction, which was conducted over the phone, and the crypto group initially claimed victory in the Twitter space audio chat.

The excitement subsided, however, when the group discovered that it had not prevailed because it did not have enough resources to maintain the document on an ongoing basis.

“Although this was not the result we hoped for, we made a date tonight with the Constitution DAO,” the group said in a statement after the auction. “We are incredibly grateful to all of you for doing this, and we are still shocked that we got here.”

next day, Sotheby’s confirmed Citadel founder and CEO Griffin won the bid. Griffin intends to lend the document to the Crystal Bridges Museum of American Art in Bentonville, Arkansas.

Although it did not win, the ConstitutionDAO effort was a prime example of cryptocurrency crowdfunding. The group will meet within a week without answering questions such as where the document will appear or who will own it. Known as a decentralized autonomous organization, DAO manages member contributions through automated code sets that operate on blockchain, a distributed record of transactions.

What initially seemed like the art of financial performance became a serious, fast-paced bid with its internal memes and hashtags. As of Thursday morning, the group had amassed more than $ 40 million, more than double the $ 15 million to $ 20 million limit on which Sotheby’s valued the document, which contained only 13 survivors of basic US principles. Is one of the copies left.

Sotheby’s was auctioned off by Dorothy Tapper Goldman, widow of New York real estate developer S. Howard Goldman, who bought a copy of the constitution in 1988 for 5 165,000. Proceeds from the sale will go to the Dorothy Tapper Goldman Foundation. “Dedicated to advancing our understanding of democracy and how the actions of all citizens can make a difference.”

The DAO bid will definitely introduce a lot of people to Ether, one of the two largest cryptocurrencies in the world, along with the bitcoin. Constitution DAO raised money for its bid in the cryptocurrency, which operates on the Ethereum blockchain. Two other lots at the Sotheby’s auction – Banksy’s Trolley Hunters and Lose in the Air – were held in the ether along with the traditional currency.

The rules governing DAO are automated, the purpose of a design is to make them transparent and to build trust among a group of people who may be strangers. The rules allow everything to be done by consensus, from fundraising to decision making.

The purchase of ConstitutionDAO is not the first time a corrupt conglomerate has expressed interest in purchasing an expensive sample. In October, a group called PleasrDAO said it had bought Once Upon a Time in Shawline, a single-copy album of hip-hop heavyweight Wu Tang Clan that was once owned by “Pharmabro” Martin Shakrili. Earlier, PleasrDAO bought Edward Snowden’s NFT for 5 5.5 million.

Approximately 17,500 donors contributed to the Constitution DAO at an average size of 20 206.26. Participants can receive a minus network charge in return for their participation.

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