Hoskinson promises audit, is ‘deeply hurt’ by $600M Cardano treasury claims
The Cardano Foundation will release an audit report on its treasury holdings amid allegations of misappropriation of approximately $600 million in ADA tokens. Charles Hoskinson, Cardano's founder, faces scrutiny from community members, including NFT artist Masato Alexander, who claims Hoskinson manipulated the Cardano ledger during the 2021 Allegra hard fork. A transaction from October 24, 2021, involved over 318 million ADA tokens moving from reserve pools to staking or treasury allocations. Hoskinson stated that most of the 350 million ADA was redeemed by original buyers over seven years, and he denied claims of unclaimed tokens. He expressed feeling "deeply hurt" by the community's mistrust and plans to change his communication approach after the audit report is released. At Paris Blockchain Week 2025, Hoskinson highlighted the importance of collaborative economics in the crypto industry amidst increasing competition from traditional tech firms.
