{"id":27414,"date":"2025-05-19T07:31:36","date_gmt":"2025-05-19T07:31:36","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=27414"},"modified":"2025-05-19T07:31:36","modified_gmt":"2025-05-19T07:31:36","slug":"cardano-founder-reflects-on-betrayal-plans-to-step-back","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=27414","title":{"rendered":"Cardano Founder Reflects On Betrayal, Plans To Step Back"},"content":{"rendered":"
\n

In a deeply personal thread posted to X on Sunday, Cardano creator Charles Hoskinson said the past weeks\u2019 accusations over the handling of unclaimed initial-coin-offering (ICO) funds had revealed \u201cwho [his] friends truly are\u201d and left him determined to curtail his once-ubiquitous social-media presence.<\/p>\n

\u201cThe 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\u2019s fair-weather,\u201d he wrote<\/a>, adding that the absence of public support from some long-time associates \u201cdims the light quite a bit and makes me want to dramatically alter how I engage.\u201d 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 \u201cask-me-anything\u201d sessions will be reformatted.<\/p>\n

\u201cI\u2019ll still be at events and take the time for pictures and handshakes,\u201d Hoskinson concluded, \u201cbut it\u2019s different now. This one has deeply hurt me and it\u2019s not going to heal anytime soon.\u201d<\/p>\n

The Dispute Over Unclaimed Cardano Tokens<\/h2>\n

Between September 2015 and January 2017 Cardano raised roughly $62 million by selling 25.9 billion ADA vouchers\u2014most of them in Japan\u2014through Tokyo-based Attain Corporation. Buyers later redeemed the vouchers inside the Daedalus wallet when the network launched. Attain ran the sale for the project\u2019s 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.<\/p>\n

The current controversy revolves around an estimated 318\u2013350 million ADA\u2014about 0.2 percent of the ICO allocation\u2014that remained unclaimed years after launch. On 7 May, NFT artist Masato Alexander alleged that Hoskinson had \u201ceffectively ERASED\u201d the original UTXOs during the 2021 Allegra hard-fork upgrade and swept the tokens into Cardano\u2019s reserves, later staking most of them and directing only a fraction to Intersect<\/a>, the ecosystem\u2019s new governance body.<\/p>\n

Hoskinson has rejected those claims<\/a> as \u201clies,\u201d insisting that 99.8 percent of the sale tokens were eventually redeemed by their rightful owners and that the remaining balance was moved\u2014first into a custodial account and ultimately to Intersect\u2014only after Attain\u2019s bankruptcy left no party able to process late redemptions safely. \u201cThese funds were not stolen,\u201d he wrote, warning Alexander and others that repetition of the accusation would trigger litigation. \u201cIf you continue to imply that IO stole funds, I will sue you. This is my last warning.\u201d<\/p>\n

In a separate post<\/a> on 13 May he explained that because the legacy on-chain redemption mechanism was insecure once Attain closed, the team \u201cswept\u201d the unredeemed vouchers off-chain, re-verifying claimants through local counsel and exchange partners. \u201cThe sweep reset the process and ensured all the remaining unredeemed buyers had an opportunity to go through compliance again,\u201d Hoskinson wrote, characterising the measure as a consumer-protection step rather than a seizure.<\/p>\n

According to Hoskinson, an \u201cexternally audited report\u201d 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<\/a> and Intersect before being released publicly. Until that review is published, he said, Cardano\u2019s development company will make no further substantive comment and will focus on potential legal remedies against what he calls \u201cdefamation.\u201d<\/p>\n

At press time, ADA traded at $0.7199.<\/p>\n

\"Cardano<\/div>\n","protected":false},"excerpt":{"rendered":"

In a deeply personal thread posted to X on Sunday, Cardano creator Charles Hoskinson said the past weeks\u2019 accusations over the handling of unclaimed initial-coin-offering (ICO) funds had revealed \u201cwho [his] friends truly are\u201d and left him determined to curtail his once-ubiquitous social-media presence. \u201cThe one advantage in a crisis or an event that tests […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-27414","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/27414","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27414"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/27414\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}