{"id":27477,"date":"2025-05-19T13:16:37","date_gmt":"2025-05-19T13:16:37","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=27477"},"modified":"2025-05-19T13:16:37","modified_gmt":"2025-05-19T13:16:37","slug":"hoskinson-promises-audit-is-deeply-hurt-by-600m-cardano-treasury-claims","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=27477","title":{"rendered":"Hoskinson promises audit, is \u2018deeply hurt\u2019 by $600M Cardano treasury claims"},"content":{"rendered":"
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\"Hoskinson<\/p>\n

The Cardano Foundation is preparing to release an audit report on its treasury holdings after fresh allegations surfaced claiming misappropriation of roughly $600 million worth of ADA tokens. <\/p>\n

Cardano founder Charles Hoskinson is facing renewed scrutiny from community members, including non-fungible token artist Masato Alexander, who alleged<\/a> that Hoskinson manipulated the Cardano ledger using a \u201cgenesis key to rewrite it and take control\u201d of $619 million worth of Cardano (ADA<\/a>) during the network\u2019s 2021 Allegra hard fork.<\/p>\n

\"Hoskinson
Source: Masato <\/em>Alexander<\/em><\/a><\/figcaption><\/figure>\n

Related: <\/strong><\/em>Nasdaq-listed GDC plans to buy Bitcoin and TRUMP memecoin for $300M<\/strong><\/em><\/a><\/p>\n

A secondary, \u201cMove Instantneous Rewards\u201d transaction<\/a> dated Oct. 24, 2021, shows a transfer of over 318 million ADA tokens, which enabled the funds to flow from reserve pools into staking or treasury allocations.<\/p>\n

\"Hoskinson
318 million ADA MIR transactions. Source: Cardanoscan<\/em><\/figcaption><\/figure>\n

However, ADA redemptions stayed open for another three years after the transaction, responded <\/a>Hoskinson, adding<\/a> that the \u201cvast majority of that 350 million ADA was redeemed by the original buyers,\u201d a process that took a total of seven years.<\/p>\n

\"Cryptocurrencies,
Charles Hoskinson. Source: <\/em>Cointelegraph<\/em><\/a><\/figcaption><\/figure>\n

\u201cIOG never gave itself 350 million unclaimed ADA. This is a lie. The vast majority was claimed, and the remaining that was forfeited after seven years of waiting was donated to Intersect,\u201d Hoskinson wrote in a May 6 X post<\/a>.<\/p>\n

Related: <\/strong><\/em>Solana co-founder proposes meta chain to fix blockchain fragmentation<\/strong><\/em><\/a><\/p>\n

Hoskinson \u201cdeeply hurt\u201d by community reaction<\/h2>\n

Hoskinson confirmed that an audit report related to the hard fork is in progress, but added that he is \u201cdeeply hurt\u201d by the community\u2019s mistrust after the allegations.<\/p>\n

\u201cTo not be given the benefit of the doubt here without strong evidence to the contrary means I don\u2019t have the connection I thought with some people,\u201d Hoskinson wrote<\/a> in a May 18 X post, adding:<\/p>\n

\u201cAfter the audit report comes out, I\u2019m going to likely turn my X account over to a media team and change the format of my AMAs and X spaces.\u201d<\/p><\/blockquote>\n

Hoskinson, who was also one of the co-founders of Ethereum, is among the leading figures in blockchain development.<\/p>\n

Speaking at Paris Blockchain Week 2025<\/a>, Hoskinson emphasized the need for collaborative economics in the crypto industry to counter growing competition from traditional tech firms entering the blockchain space due to growing regulatory clarity.<\/p>\n