Winner spends fortune in crypto on Sotheby’s diamond auction

Winner spends fortune in crypto on Sotheby’s diamond auction

Art and jewelry brokerage Sotheby’s put a 101.38 carat diamond up for auction, fetching over $10 million in crypto for the rock on July 9. 

The diamond “sold for $12.3 million to an anonymous buyer last Friday at Sotheby’s Hong Kong,” MarketWatch reported on Monday. “It’s the most expensive gem ever purchased with cryptocurrency, according to Sotheby’s,” MarketWatch added.

News of the crypto-friendly diamond auction surfaced in the latter half of June, with estimates forecasting the diamond to hit prices somewhere in the ballpark of $15 million. Called “The Key 10138,” the diamond’s name reportedly pays homage to crypto industry lingo. (Private keys give access to each crypto owner’s holdings.)

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Anonymity and pseudonymity are not uncommon in the crypto industry. Crypto traders and social media personalities often comment on Twitter via pseudonymous profiles. Even the creator (or creators) of Bitcoin (BTC), the asset that started the whole crypto industry, remained pseudonymous under the name Satoshi Nakamoto.

It’s fitting of the crypto

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