Cardano AMA responds to BTC fund whereabouts, but instead sparks more core doubts and questions in the market

On June 14th, Thomas Braziel, founder of 117 Partners, posted on the X platform, raising questions regarding Charles Hoskinson, the founder of Cardano, about the whereabouts of the 1096 BTC held by the Manx Foundation (approximately $70 million).

Braziel pointed out that Charles Hoskinson explained in the AMA that these 1096 BTC were used between 2016-2017 to meet the requirements of Michael Parsons and the original audit process. However, this explanation did not quell market doubts.

In response to the controversy over the use of funds, Braziel called for increased transparency. He emphasized that if the explanation is true, the foundation should publicly disclose invoices, agreements, approval documents, and payment records as evidence to prove the reasonableness of the fund usage.

Braziel also stated that the core issue of this dispute is not whether an audit requires funds, but the specific whereabouts and actual use of the 1096 BTC.

Furthermore, if the foundation’s assets were truly used to address the audit process involving Michael Parsons, then why did IOHK ultimately control about 95% of the BTC and acquire billions of ADA tokens, while the foundation only received a very small portion of economic rights?

In summary, Hoskinson’s responses in this AMA seem to address the core questions the market and community are concerned about, but in fact, they give rise to more issues that need clarification.

Currently, the market and community continue to question the transparency of the Cardano Foundation’s fund usage and are concerned about the fairness of its profit distribution.

#Cardano #ADA