Almost buying a copy of the Constitution is easy, but giving the money back is hard
As of last Thursday night, ConstitutionDAO found itself in possession of around $49.8 million it wasn’t able to spend. The group’s organizers only had a mandate to spend the crowdfunded money on one thing — a rare copy of the US Constitution that they failed to win at auction — so instead of trying to get community approval to use the money toward some other goal, they instead began the process of returning the funds to backers.
Returning that much money has been a tricky process, though. Backers have to manually request refunds, so even a week later, tens of millions of dollars are still sitting in ConstitutionDAO’s pockets. And because all of the money was collected in Ether, and sending funds over Ethereum incurs high transaction…