Launched in 2017, Cardano (ADA) was founded by Charles Hoskinson, one of the co -founders of Ethereum. Like Ethereum, Cardano is a blockchain that allows the execution of Smart Contract. However, several points differentiate the two channels, ranging from the consensus mechanism to the programming language of smart contracts. However, Cardano and its founder have been at the heart of a controversy since the beginning of May. Controversy that Charles Hoskinson tries somehow to contain.
- Cardano and its founder Charles Hoskinson were plunged into a controversy concerning an accusation of embezzlement of 600 million dollars.
- Charles Hoskinson denied the accusations, arguing that the funds had been claimed by their initial owners or given at Intersect, and promised a report to clarify the situation.
Cardano: Charles Hoskinson accused of having stolen $ 600 million
This case begins on May 6, with a publication On the social network X. This was shared by the artist NFT, Masato Alexander.
In its publication, Alexander accuses Charles Hoskinson of having got hold of 318 million ADA tokensor $ 619 million. An accusation far from harmless in view of the amounts involved.
He will expand his accusation the next day in a thread more important.
It all started in 2021, while the Cardano network operates Hard Fork Allegra. According to Masato Alexander, this hard fork contained a Modification of the cardano register. In other words it comes to modify the history of the network.
“This HF has actually erased the original ICO UTXOS holding the ₳ 318m and swept the funds in the Cardano reserves. »»
The 318 million ADA mentioned by Masato Alexander would be funds which were still associated with ICO UTXOS and which had not been claimed or moved by their owners of origin for several years.
According to him, the hard fork made it possible to Move the funds to Cardano cash flow. One of the problems, according to him, lies in the fact that this operation was carried out via the Genesis de Cardano keys, then held by Charles Hoskinson and the company Input Output Global (IOG).
“The Hard Fork transaction, triggering an update of the protocol, required signatures from the keys to Genesis Cardano, which Charles Hoskinson/Iog controlled at the time. »»
Subsequently, the funds were once again moved via the use of a MIR or Instantaneous Rewards transaction.
“They make it possible to move funds from the reserves, generally for stoking rewards or for cash purposes. »»
A disturbing situation because these funds belong to users who participated in ICO. This also highlights a significant lack of transparency from Iog and Charles Hoskinson.
Charles Hoskinson defends himself
In his first publication, Masato Alexander points to the fact that $ 619 million would have been recovered. And that according to Hoskinson, they would have been Used to finance Intersecta governance organization within the Cardano ecosystem.
“Inorsect spent less than 10 million USD last year during its first year of activity, and now requires more money. I do not use formal methods, but something does not stick. »»
Publication to which Charles Hoskinson responded by denying the facts:
“The OIG has never attributed 350 million ADA not claimed. It’s a lie. The vast majority were claimed and the rest, which was confiscated after seven years of waiting, was given to Intersect. Intersect was funded in the same way and by the same TGE which funded the Cardano Foundation. »»
While Alexander the question on the difference between the original $ 600 million and the 10 million having been used to finance Intersect, Hoskinson that “The vast majority of these 350 million ADAs have been recovered by initial buyers. It took seven years « .
In practice, Masato Alexander does not deny this declaration. However, it highlights the lack of evidence. Indeed, in an ecosystem where the adage is « Do’t Trust, Verify » Difficult to believe the words of the founder of a project.
More recently, on May 18, Hoskinson in a new publication announced that a report would be published on the use of these funds. This will shed light on this event.
For his part, Hoskinson continues to be optimistic. Last April, he considered that bitcoin could reach $ 250,000 by the end of 2025.