10:46 GMT +324 September 2018
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    In this Feb. 19, 2016, file photo, trekkers make their way to Dingboche, a popular Mount Everest base camp, in Pangboche, Nepal.

    Person Reportedly Dies on Mount Everest During Cryptocurrency Stunt

    © AP Photo/ Tashi Sherpa
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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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    "Green Mining": Resourceful Reddit User Uses His Bitcoin Farm as Boiler
    Global Cryptocurrency Regulations May Bring Bitcoin out of 'Coma'
    Bitcoin May Soar to $64,000 in 2019 Thanks to Its Mining Economy – Fundstrat
    Tags:
    Sherpa, social network, cryptocurrency exchange, cryptocurrency, IPO, climbers, accident, death, Mount Everest, Nepal
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