04:57 GMT26 February 2021
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    According to a press release from the Ukraine-based ASKfm social network, obtained by The Financial Times, four Ukrainian crypto fanatics were sponsored to climb Mount Everest and hide a hard drive with a cryptocurrency on it.

    During the journey, one of the locals, a Nepalese Sherpa who was accompanying the group, died, a blog of Alan Arnette, a Colorado climber who frequents Everest slopes, suggested. After returning home, one of the Ukrainians said that they "had lost track" of their guide.

    Earlier, ASKfm released a promotional video, with a jarring motto for the stunt: "Join ASKfm at a height no crypto has reached," which is apparently a reference to  recent fluctuations in the value of cryptocurrencies.

    The campaign was closely linked to the company’s intention to hold an ICO (initial coin offering) to raise money; according to the firm, the value of the cryptocurrency buried under the snow atop the world's highest mountain is based on an "estimate of their value once the pre-sale and ICO launch [occur].”

    Having reached a historic record of $20,000 per coin in mid-December, bitcoin dramatically fell to a mere $6,000 in the subsequent two months, with financiers now enthusiastically debating the cryptocurrency's fate.

    According to cryptocurrency exchange Coinbase, the value of bitcoin has slumped by roughly 18 percent since last month to reach $7,441, as of today. The second-biggest cryptocurrency Ethereum currently stands at $586.21 per coin, 7 percent down since late April.

    READ MORE: Global Cryptocurrency Regulations May Bring Bitcoin out of 'Coma'


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    Sherpa, social network, cryptocurrency exchange, cryptocurrency, IPO, climbers, accident, death, Mount Everest, Nepal
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