The crypto investors who raised $47 million to buy a copy of the Constitution lost their bid — here's where the money goes now.
, wrote in its 'frequently asked questions' that the funds would be redeemable, minus a transaction fee.confirmed to CNBC that they would "for sure...provide everyone an option for a refund.
Member Liz Yang, chiming in from on board an American Airlines plane, said that she hoped to put the money to good use. "I feel like we set the bar so high," said Yang. "We need to do something equally as epic, whether it's a future auction, but that's for the people to decide." ConstitutionDAO's rallying call was "WAGBI" or "we're all gonna buy it." But in fact, the thousands of investors who comprise this DAO would not have received fractional ownership of the document. Instead, they would have become holders of a crypto token known as "People" that would have granted them certain voting rights over the future of the document.
Many wondered why organizers stopped short of making the winning offer in a heated bidding war that gaveled at $41 million.
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