{"id":129545,"date":"2025-05-19T13:15:26","date_gmt":"2025-05-19T13:15:26","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=129545"},"modified":"2025-05-19T13:15:26","modified_gmt":"2025-05-19T13:15:26","slug":"hoskinson-promises-audit-deeply-hurt-by-600m-cardano-treasury-dispute","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=129545","title":{"rendered":"Hoskinson promises audit, \u2018deeply hurt\u2019 by $600M Cardano treasury dispute"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsThe Cardano Foundation is preparing to release an audit report on its treasury holdings after fresh allegations surfaced claiming misappropriation of roughly $600 million worth of ADA tokens.<br \/>\nCardano founder Charles Hoskinson is facing renewed scrutiny from community members, including nonfungible token artist Masato Alexander, who alleged that Hoskinson manipulated the ledger using a \u201cgenesis key to rewrite the Cardano ledger and take control\u201d of $619 million worth of Cardano (ADA) during the network\u2019s 2021 Allegra hard fork.<br \/>\nSource: Masato AlexanderRelated: Nasdaq-listed GDC plans to buy Bitcoin and TRUMP memecoin for $300M<br \/>\nA secondary, \u201cMove Instantneous Rewards\u201d transaction dated Oct. 24, 2021, shows a transfer of over 318 million ADA tokens, which enabled the funds to flow from reserve pools into staking or treasury allocations.<br \/>\n318 million ADA MIR transactions. Source: CardanoscanHowever, ADA redemptions stayed open for another three years after the transaction, responded Hoskinson, adding that the \u201cvast majority of that 350 million ADA was redeemed by the original buyers,\u201d a process that took a total of seven years.<br \/>\nCharles Hoskinson. Source: Cointelegraph\u201cIOG never gave itself 350 million unclaimed ADA. This is a lie. The vast majority was claimed, and the remaining that was forfeited after seven years of waiting was donated to Intersect,\u201d Hoskinson wrote in a May 6 X post.<br \/>\nRelated: Solana co-founder proposes meta chain to fix blockchain fragmentation<br \/>\nHoskinson \u201cdeeply hurt\u201d by community reaction<br \/>\nHoskinson confirmed that an audit report related to the hard fork is in progress, but added that he is \u201cdeeply hurt\u201d by the community\u2019s mistrust after the allegations.<br \/>\n\u201cTo not be given the benefit of the doubt here without strong evidence to the contrary means I don\u2019t have the connection I thought with some people,\u201d Hoskinson wrote in a May 18 X post, adding:<br \/>\n\u201cAfter the audit report comes out, I\u2019m going to likely turn my X account over to a media team and change the format of my AMAs and X spaces.\u201d<br \/>\nHoskinson, who was also one of the co-founders of Ethereum, is among the leading figures in blockchain development.<br \/>\nSpeaking at Paris Blockchain Week 2025, Hoskinson emphasized the need for collaborative economics in the crypto industry to counter growing competition from traditional tech firms entering the blockchain space due to growing regulatory clarity.<br \/>\nMagazine: Bitcoin eyes \u2018crazy numbers,\u2019 JD Vance set for Bitcoin talk: Hodler\u2019s Digest<a href=\"https:\/\/cointelegraph.com\/news\/hoskinson-audit-deeply-hurt-600-m-cardano-treasury?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsThe Cardano Foundation is preparing to release an audit report on its treasury holdings after fresh allegations surfaced claiming misappropriation of roughly $600 million worth of ADA tokens.&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129545"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129545"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129545\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129545"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}