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The founder of Cardano denied the allegations of misappropriating $600 million in ADA and promised to release an audit report.

2025-05-19 13:18:21

ADA2.35%

PANews May 19 news, according to Cointelegraph, Cardano founder Charles Hoskinson responded to community allegations regarding the misappropriation of approximately $600 million worth of ADA tokens, promising to release an audit report. The controversy centers on a transfer record of 318 million ADA (currently valued at about $229 million) during the 2021 Allegra hard fork, with NFT artist Masato Alexander accusing Hoskinson of using the genesis secret key to manipulate the ledger.
In a tweet on May 6, Hoskinson clarified that the vast majority of ADA has been redeemed by the original purchasers, and the remaining portion has been donated to the Intersect organization. In his latest statement on May 18, he expressed feeling "deeply hurt" by the community's mistrust and mentioned that after the audit report is released, he may hand over the management of social media accounts to a professional team.

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