Here’s what is happening to ConstitutionDAO and the $40M Raised to Buy the Constitution

Sunil Sharma
November 24, 2021
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User Seeks $3.6M from ConstitutionDAO

The latest update about the decentralized organization, ConstitutionDAO has unveiled the closure of the platform given its former loss, and current lack of another “unifying mission”. Last week, ConstitutionDAO lost its goal to buy the copy of the US Consitution for which it has raised over $40 million from thousands of investors.

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ConstitutionDAO Does Not Plan on Taking Up More Projects

The group took to Twitter to announce the shutdown, with the reasoning that the team is unwilling to continue without the “unifying mission” of trying to buy the copy of the Constitution, which would involve setting up more official governance and redirecting.

ConstitutionDAO’s core team confirmed the closure, noting that the building and maintaining of an ongoing project requires a proper technical and administrative oversight and that is something the team is unable to pull off yet again, confirming that the platform and project, both have “run its course.” However, they applauded the community’s efforts and asserted that ConstitutionDAO has proved the unity of the decentralized sphere, levying the project as “a landmark event”.

“This was taking into account the technical and administrative requirements of trying to embark on a new chapter properly. Given this, we believe this project has run its course, as we as a community have accomplished what we set out to do…This project was a landmark event. We made history and showed the entire world that a group of internet friends can use the power of web3 to face a seemingly insurmountable goal and achieve incredible results on an impossible timeline”, the group noted in its Twitter thread.

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ConstitutionDAO Lost to this Billionaire

ConstitutionDAO lost the bid in the auction on Sotheby’s platform, to a Chicago hedge-fund billionaire and Citadel CEO, Kenneth Griffin. His bid of $43.2 million won him the first-edition copy of the U.S. Constitution last week. While on one hand, ConstitutionDAO said to distribute government tokens to the contributors if they would’ve won, on the other hand, Griffin intends to lend the copy of the US constitution to the Crystal Bridges Museum of American Art in Bentonville, Ark. to ensure mass accessibility of this sacred piece of document, where it can be viewed and appreciated by the people.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.