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Hoskinson Promises Audit, Is ‘Deeply Hurt’ by $600M Cardano Treasury Claims
- Cardano founder Charles Hoskinson announced on May 18, 2025, that the Cardano Foundation will release an independent audit addressing allegations of $600 million ADA misappropriation tied to the 2021 Allegra hard fork.
- The audit is being conducted in response to allegations by NFT artist Masato Alexander, who claims that Charles Hoskinson independently leveraged genesis keys to alter the Cardano ledger in 2021, gaining control over ADA tokens valued at more than $600 million, which has raised concerns about transparency and prompted debate among investors.
- Hoskinson denies wrongdoing, stating most of the 350 million ADA in question was redeemed by original buyers and that forfeited tokens were lawfully used to seed Intersect, while promising formalized communication through a media team.
- Hoskinson said he is "deeply hurt by the claims" and emphasized the audit's potential to restore trust or, if negative, trigger prolonged skepticism and possible legal disputes amid community tension.
- The audit's findings could impact Cardano's market performance, regulatory perceptions, and ecosystem confidence as the controversy underscores the importance of transparent treasury management for long-term sustainability.
This story is only covered by news sources that have yet to be evaluated by the independent media monitoring agencies we use to assess the quality and reliability of news outlets on our platform. Learn more here.22 Articles
22 Articles
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Cardano Founder ‘Deeply Hurt’ by Theft Claims, Announces Audit
The founder of top-10 cryptocurrency Cardano (ADA), Charles Hoskinson, said in a recent X post that he is “deeply hurt” by allegations that he misappropriated more than 300 million ADA tokens. Hoskinson also revealed that the Cardano Foundation is undergoing an audit to prove that the allegations are false.The allegations surfaced earlier this month when NFT artist Masato Alexander accused Hoskinson, who is also an Ethereum co-founder, of misapp…
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CoinStats - Charles Hoskinson Breaks Silence on $600M ADA...
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