Ethereum

Imprisoned Silk Road Founder Ross Ulbricht Sells NFT for $5,799,000 Worth of Ethereum in Charity Auction

Silk Road founder Ross Ulbricht has bought a non-fungible token (NFT) for practically $5.8 million value of Ethereum (ETH) to the decentralized autonomous group (DAO) making an attempt to free him.

Ulbricht, who obtained two life sentences plus 40 years with out the likelihood of parole in 2015 for founding black market e-commerce web site Silk Road, bought his collection of art work and writings at a charity public sale to the FreeRossDAO, a DAO shaped earlier this month by crypto traders devoted to his launch from jail.

The FreeRossDAO says that over 1,320 individuals raised 2,800 ETH, value about $12 million, in seven days to win the public sale for the Genesis Collection NFT, which bought for 1,446 ETH ($5.79 million), or about half of its treasury.

Says Ulbricht on Twitter,

“I’m floored. The public sale exceeded all expectations.

I really feel like I’ve a brand new goal now. Lots of joyful work lies forward.”

According to the DAO, the remainder of the raised funds will likely be managed by the members of the neighborhood, who vote on the group’s path utilizing its native governance token ROSS.

“Once the bid to amass the Genesis Collection succeeds, contributors will obtain ROSS tokens in return for their contributions pro-rata, serving as each fractional items of the Genesis Collection in addition to FreeRossDAO’s governance token.

Holders of ROSS can vote on proposals and contribute to the path of FreeRossDAO.”

Ethereum is exchanging arms at $4,020 as of writing, a 2.85% decline in the final 24 hours.

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Featured Image: Shutterstock/ded pixto

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