High Fees Hinder Crypto Constitution Bidder Refund Process

Share post:

Investors are now demanding that the ConstitutionDAQ team pay fees of up to half of its refund after it failed to buy a rare original copy of the U.S. constitution.

The ConstitutionDAO now faces refunds of about $40 million for 17,000 investors which it was able to raise in the Ethereum.

Although the group explained that the repayment of investors remains a top priority, some issues need to be taken into account, including the high fees charged for carrying out the various crypto transactions.

Since fees have to be paid to those who operate the computer systems to facilitate transactions, fees rise sporadically depending on how busy the network is.

The group said on its website that it had 17,437 donors with a median donation of $206.26.

High ‘gas’ fees, therefore mean that those who contributed a small donation will be hit in the search for a refund.

One user testified on the Discord app that in order to get their $400 back, they had to pay $168 in gas fees to those who run the computer systems to facilitate transactions, while others simply complain that the fees were higher than they originally donated.

For more information, read the original story on the BBC.


Related articles

ChatGPT mobile mania: Why users are flocking to ChatGPT Plus

On the day OpenAI unveiled GPT-4o, ChatGPT's mobile app saw a staggering 22% spike in revenue, marking its...

Study reveals the “disappearing internet”

In a surprising revelation, new research by the Pew Research Center indicates that the internet may not be...

Scarlett Johansson – did OpenAI use HER voice?

Hollywood star Scarlett Johansson expressed shock and anger after a new OpenAI chatbot debuted with a voice eerily...

Google criticizes Microsoft’s security practices in new report

Google has publicly criticized Microsoft for a series of security missteps, suggesting that organizations might consider more secure...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways