Allegation against Cardano founder: misuse of $ 620 million in ADA?
According to the NFT artist Masato Alexander, Cardano founder Charles Hoskinson is said to have misused his Genesis key in 2021 to rewrite the Cardano blockchain and take control of 318 million ADA (USD 620 million). This in turn denies the accusation.
Alexander published On X (formerly Twitter) a contribution in which he claims that Charles Hoskinson had moved over 300 million unused ADA tokens into the network reserves during the Cardano Allegra Hard Fork in 2021. The artist accuses Hoskinson of using his Genesis key to have the original “utxos” from the initial coin offering (ICO) Deleting from 2017 and gaining control of these funds. A UTXO (Unspent Transaction Output) describes the credit of a wallet.
Background: What happened to the Allegra Hard Fork
In December 2020, the Allegra-Hard fork was part of the Shelley upgrade of Cardano, which introduced functions such as token-lobing and preparation for decentralized governance. In this context, UTXOS were also adapted, which had remained unclear from 2017 since the ICO.
Masato Alexander claims that this context had a silent transfer of over 300 million ADA. The claim proven He countered with a transaction from 2021. The allegations are “defamation and slander” which he will sanction with legal steps. He stated that 99.8% of the ADA vouchers issued during the ICO were successfully redeemed.
The remaining 0.2% (about 18 to 24 million ADA) remained unrealized after a seven-year redemption period and finally to Intersect, a governance group within Cardano. Hoskinson emphasized that he had no direct access to these tokens. Alexander, in turn, replied that the explanation was incomplete and does not show what happened to the 318 million Ada.
Split in the Cardano community
The accusations have led to a split within the Cardano community. Some members are calling for more transparency and an independent examination of the processes around the Allegra-Hard fork. Others defend Hoskinson's actions and refer to the complexity of the situation at that time, including the insolvency of Attain – the company that originally sold the ADA vouchers in Japan.
A party has adapted the Cardano-Blockchain to delete and transfer the ICO's ADA vouchers that have not been redeemed, although in a decentralized network the community should decide such processes using a governance process-as with the controversial Ethereum-DAO-Hack. Iohk and the Cardano Foundation did not react immediately to inquiries from cvj.ch.
