- Hoskinson denies $619M hijack, claiming transparency.
- Unclaimed ICO funds discussed amid controversy.
- Cardano sees potentially bullish market patterns.
This situation highlights trust issues in cryptocurrency governance, particularly with unclaimed ICO funds and leadership authority in decentralized projects.
Charles Hoskinson, co-founder of Cardano, refuted allegations by Masato Alexander, an NFT artist, about illegitimate fund handling. The controversy involves ₳318 million ADA, from Cardano’s initial ICO. Hoskinson emphasized the return of unclaimed tokens to the original claimants and the TGE.
Hoskinson pointed out that only 0.2% of ADA vouchers remained unredeemed post-ICO, with unclaimed tokens given to Intersect, a Cardano governance group. He countered claims with a legal warning on X against any suggestion of fund theft.
“These funds were not stolen. They were rolled into a custodial account controlled by the TGE that continued distributing the genesis funds to the original buyers for three more years.” – Charles Hoskinson, Founder, Cardano
The controversy arose amid speculation of Cardano’s bullish market trajectory, with projected rises in ADA value. Blockchain analyst Jonathan Morgan supported Hoskinson, stating the upgrade was consensus-driven, returning a significant amount of ADA to rightful owners.
The debate follows challenges in the ICO redemption process, including Attain’s bankruptcy and the Cardano Foundation’s hesitance in assuming responsibilities. Hoskinson clarified the tokens were kept in custodial accounts for continued legitimate distribution.
Amidst these claims, concerns linger over potential financial, regulatory, and technological implications. A possible bullish trend in Cardano’s market valuation suggests widespread interest and potential shifts in cryptocurrency investments.
