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Cardano Founder Denies Allegations Of $619 Million ICO Misconduct

BBG News

Ah, Charles Hoskinson, the man, the myth, the blockchain hero! The co-founder of Cardano and the distinguished leader of Input Output Global (IOG), has quite the reputation to protect, and boy, does he protect it. So, it should come as no surprise that when allegations surfaced suggesting that Hoskinson had cunningly seized hundreds of millions of ADA during the blockchain’s token-generation event (TGE) from 2015 to 2017, he was ready to play defense.

On a fateful Wednesday, with all the passion of a man wronged, Hoskinson took to the digital realm known as X (formerly Twitter, if you will) to vehemently deny any wrongdoing. With the fire of righteousness in his words, he declared, “IOG never gave itself 350 million unclaimed ada. This is a lie,” and of course, it didn’t stop there—oh no. He added, “The vast majority was claimed, and the remaining that was forfeited after seven years of waiting was donated to Intersect.” Because, you know, nothing says “I’m innocent” like charitable donations.

Cardano Founder Rejects Claims Of Fraud

The plot thickened when a certain user named Masato Alexander decided to stir the pot by bringing up an October 2021 transaction. This transaction involved Hoskinson’s supposed movement of a staggering 350 million ADA through a Monetary Incentives Recalculation (MIR) withdrawal, an event that allegedly “rewrote the Cardano ledger” and allowed him to seize control of a cool $619 million. To Alexander, this move seemed like “one of the largest ledger reorgs in blockchain history”—a claim that could make even Ethereum’s 2016 DAO fork seem like child’s play. How, he wondered, could this 350 million ADA, linked to vouchers, somehow shrink to a meager $7 million, which just so happened to end up funding Intersect, a Cardano-affiliated group?

But, dear reader, Charles Hoskinson wasn’t about to let that nonsense slide. With an exasperated tone, he replied, “Because you cannot read,” directed at Alexander, clearly upset at such a gross misunderstanding. “The vast majority of that 350 million ADA was redeemed by the original buyers. It took seven years!” Ah yes, seven long years—a whole eternity in the world of blockchain. He explained that the TGE’s smart contract design had required a full seven years for unclaimed vouchers to be reclaimed. As for the collapse of Attain, the original voucher vendor? Well, that’s just an unfortunate bit of history. And let’s not forget the Cardano Foundation’s decision in 2017 to wash its hands of the redemption process. What a shame, indeed!

Now, as the story continues, the Cardano founder assured us that the TGE’s redemption process is in its final stages, with only the final claim remaining to be processed. Once that’s done, Hoskinson promised, an “externally audited report” would be issued, a final report that would become the basis for any legal action IOG may decide to pursue against those persistent commentators who dare claim misconduct. Yes, litigation might be on the horizon, and Hoskinson is ready to send those nasty letters demanding retractions and apologies—classic legal drama!

And then, just to hammer in his point, he explained that 99.8 percent of all Ada Vouchers had been redeemed by their original buyers. The remaining 0.2 percent, after a long seven years of waiting, were returned and donated to Intersect. The report, he says, hasn’t been published yet, but fear not—once the redemption process is over, the world will know the truth. So, until then, no further statements from Hoskinson, lest they be used against him in a court of law. But, you know, just a friendly heads-up: “We will then send letters to the relevant parties demanding retractions and apologies,” he warned.

And so, the saga continues. But for now, ADA remains priced at $0.70. A modest price for such monumental drama.

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2025-05-08 22:19

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