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Cardano Creator Responds to Allegations He Spends Others' Money

Thu, 06/22/2023 - 09:27
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Gamza Khanzadaev
Charles Hoskinson slams money misuse claims, asserts: 'I never promised you anything'
Cardano Creator Responds to Allegations He Spends Others' Money
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Charles Hoskinson, renowned crypto entrepreneur and the mastermind behind Cardano, found himself embroiled in controversy recently after sharing snapshots from his expedition "in search of aliens." The series of photos drew mixed reactions from the public.

Charles Hoskinson Slams ADA Critics Who Say He Is 'Looking for Aliens'

One of Hoskinson's followers responded to the post with a sarcastic comment, jesting, "Hey everybody, check out how I'm spending your money." Unwilling to let the comment slide, Hoskinson took to Twitter to defend himself vigorously. In a series of tweets, he rebuked the notion that his own funds were in any way connected to his followers' wealth, calling it a "weirdo communist" idea.

The exchange between the commentator and Hoskinson escalated further. The Cardano creator clarified his stance, emphasizing that he never made any promises to the commentator, as they were not an investor nor had they purchased anything from him. Hoskinson highlighted numerous statements explaining the nature of Cardano, its operational mechanisms and the platform's decentralized structure.

Asserting the purpose of his company, Input Output Global, Hoskinson made it clear that they were primarily focused on software development and protocol implementation, not market manipulation. He stated, "We aren't here to make the price of ADA go up. That's not our place or role."

Cardano's Hoskinson Refutes SEC Allegations

Furthermore, Hoskinson dispelled speculation regarding initial sales of ADA, the Cardano token. He categorically denied conducting an initial coin offering (ICO) and clarified that ADA tokens were never sold through an ICO. He pointed out that vouchers sold in Japan by a separate entity, unrelated to him or his ownership, were not ADA tokens and did not involve U.S. participation.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.