Fun

Did Cardano Founder Steal $619 Million? Hopkinson Makes Shocking Revelation

News Feed - 2025-05-21 08:05:51

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español.


Cardano, and specifically its founder Charles Hoskinson, has come under fire recently after allegations of fraud surfaced online. The rumors quickly spread as the integrity of the blockchain and its founder were called into question. As a result, Hopkinson has delivered a response, with a shocking revelation on how he plans to interact with the public and the community going forward. Alleged $619 Million Going Missing


On May 7, 2025, an X user who goes by the name Masato Alexander made a shocking claim: 318 million ADA worth $619 million had been illegally moved and the finger was being pointed at Cardano founder Charles Hoskinson. Apparently, this had happened with the Allegra Hard Fork which took place back in 2021 as core functions of the blockchain were changed. Related Reading Bitcoin Macro Trend Oscillator Shows When To Expect The Price Top 1 day ago


Alexander claimed that Hoskinson had deployed code during what was thought to be routine upgrade with an extra payload. Allegedly, this allowed Hoskinson to erase the original ICO UTxOs which held a total of 318 million ADA and moved the funds to Cardano reserves that were controlled by private keys tied to Hoskinson.


The transaction was done through an MIR transaction, which stands for Move Instantaneous Reward transactions. Essentially, Alexander claims that this allowed funds to be moved from reserves and then used for treasury and staking rewards purposes.


These claims quickly drew the attention of the Cardano community, with Hoskinson himself responding under the post to denounce the rumors. He initially explained that the ADA vouchers of the users whose ADA were allegedly moved had become unspendable after the hard fork. Thus, they had been moved into a “custodial account controlled by the TGE that then continued redemption for 3 more years to distribute the genesis funds to the original buyers.” Furthermore, Hoskinson threatened legal action if Alexander did not stop making these claims. Cardano Founder Addresses Rumors Again


After the initial interaction, Cardano founder Charles Hoskinson has once again come out to address the rumors of the missing $619 million. He first addressed the fact that people were quick to condemn him after the rumors surfaced without giving him the benefit of the doubt. This extended to friends who he says did not show up for him during this time. Related Reading Pundit Says XRP Price Will Stabilize At $1,000 And Become ‘Very Expensive’ 2 days ago


As for the rumors themselves, the founder explained that there will be a full audit and a report which will be published for the public to see. He further went on to reveal that the events of the past few weeks will change how he engages with the community from now.


While Hoskinson does plan to continue to attend events and take pictures with people, he plans to hand over his X account to a media company. Additionally, he plans to change the format of how he holds his X Spaces and Ask Me Anything (AMAs). “Infinite accessibility just enables it to happen again and again,” the founder explained. ADA price surges with market recovery | Source: ADAUSDT on TradingView.com Featured image from Dall.E, chart from TradingView.com

News Feed

Derek Andersen2 hours agoUS Senate Finance Committee asks digital asset community how to tax it in open letterCommunity members may want to read up on the intricacies of tax law before they respond, but they have two mon
Ethereum Reclaims $2,444 Level – Bullish Continuation In Focus
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ethereum Bulls Disappointed As Recovery Attempt Fails At $2,160 Resistance
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
William Suberg8 hours agoBTC price returns key profit mark to Bitcoin exchange users at $34.7KBitcoin is busy setting records for various investor cohorts as BTC price strength keeps a longer-term recovery in place.4216
Ethereum, Solana And Cardano Trend After Crypto Crash – Here’s What You Should Know
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Crypto Industry’s Favorite Messaging App Telegram Surpasses 500 Million Active Users
Crypto Industry"s Favorite Messaging App Telegram Surpasses 500 Million Active Users Telegram, a popular messaging app within the cryptocurrency space, surpassed
Report Says Western Union Could Lose $400M if El Salvador’s Chivo Bitcoin Wallet Gains Traction, Tim Berners-Lee Weighs In
Report Says Western Union Could Lose $400M if El Salvador"s Chivo Bitcoin Wallet Gains Traction, Tim Berners-Lee Weighs In The Republic of El Salvador has made many headlines this
Bitcoin Stock To Flow Model Reveals $500,000 Price Target
Este artículo también está disponible en español. According to data from CoinMarketCap, Bitcoin (BTC) has gained by 0.66% in the past 24 hours with its market price now h
Litecoin Could Be ‘Just Weeks Away’ From Third-Ever Golden Cross — Expert 
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin, Ethereum Technical Analysis: BTC Heads Towards $40,000 Following FOMC
Bitcoin, Ethereum Technical Analysis: BTC Heads Towards $40,000 Following FOMC Bitcoin moved closer to $40,000 during Thursday’s session, as traders continued to react to ye
Over Half of This Year’s Financial Pyramids in Russia Involved Crypto, Bank of Russia Finds
Over Half of This Year’s Financial Pyramids in Russia Involved Crypto, Bank of Russia Finds A majority of the financial pyramids identified in 2022 used cryptocurrencies in one w
Borderlands 3 Proves the Most Powerful Weapon Is FOMO
Gamers and reviewers alike are gushing over Borderlands 3. | Source: 2K GamesFresh off a promotional run peppered with successive controversies, Borderlands 3 is finally out, and pl