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Cardano news Charles Hoskinson

Cardano Founder Reflects On Betrayal, Plans To Step Back

Jake Simmons
by Jake Simmons
1 week ago
·
Posted in Cardano
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a deeply personal thread posted to X on Sunday, Cardano creator Charles Hoskinson said the past weeks’ accusations over the handling of unclaimed initial-coin-offering (ICO) funds had revealed “who [his] friends truly are” and left him determined to curtail his once-ubiquitous social-media presence.

“The one advantage in a crisis or an event that tests people is that you rapidly get to see who your friends truly are and who’s fair-weather,” he wrote, adding that the absence of public support from some long-time associates “dims the light quite a bit and makes me want to dramatically alter how I engage.” He indicated that, once an independent audit of the token-sale history is published, his X account will be managed by a media team and his long-running “ask-me-anything” sessions will be reformatted.

“I’ll still be at events and take the time for pictures and handshakes,” Hoskinson concluded, “but it’s different now. This one has deeply hurt me and it’s not going to heal anytime soon.”

The Dispute Over Unclaimed Cardano Tokens

Between September 2015 and January 2017 Cardano raised roughly $62 million by selling 25.9 billion ADA vouchers—most of them in Japan—through Tokyo-based Attain Corporation. Buyers later redeemed the vouchers inside the Daedalus wallet when the network launched. Attain ran the sale for the project’s founding entities (IOHK, now IOG; the Cardano Foundation; and EMURGO) under full KYC/AML checks, a structure highlighted in contemporary investor materials and later research from Messari.

Related Reading: Cardano Founder Targets Crypto’s ‘Three Demons’ With Midnight Network

The current controversy revolves around an estimated 318–350 million ADA—about 0.2 percent of the ICO allocation—that remained unclaimed years after launch. On 7 May, NFT artist Masato Alexander alleged that Hoskinson had “effectively ERASED” the original UTXOs during the 2021 Allegra hard-fork upgrade and swept the tokens into Cardano’s reserves, later staking most of them and directing only a fraction to Intersect, the ecosystem’s new governance body.

Hoskinson has rejected those claims as “lies,” insisting that 99.8 percent of the sale tokens were eventually redeemed by their rightful owners and that the remaining balance was moved—first into a custodial account and ultimately to Intersect—only after Attain’s bankruptcy left no party able to process late redemptions safely. “These funds were not stolen,” he wrote, warning Alexander and others that repetition of the accusation would trigger litigation. “If you continue to imply that IO stole funds, I will sue you. This is my last warning.”

Related Reading: Cardano Founder Teases ‘Several Dozen Deals’ This Summer And Fall

In a separate post on 13 May he explained that because the legacy on-chain redemption mechanism was insecure once Attain closed, the team “swept” the unredeemed vouchers off-chain, re-verifying claimants through local counsel and exchange partners. “The sweep reset the process and ensured all the remaining unredeemed buyers had an opportunity to go through compliance again,” Hoskinson wrote, characterising the measure as a consumer-protection step rather than a seizure.

According to Hoskinson, an “externally audited report” covering every tranche of the voucher sale, each redemption transaction and the subsequent transfers of unclaimed ADA is now in its final stages. The document is to be distributed to IOG, the Cardano Foundation, EMURGO and Intersect before being released publicly. Until that review is published, he said, Cardano’s development company will make no further substantive comment and will focus on potential legal remedies against what he calls “defamation.”

At press time, ADA traded at $0.7199.

Cardano price
ADA falls below the key resistance zone again, 1-week chart | Source: ADAUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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