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Cardano Drama: This Grifter Company Targets $5.8+ Million From Catalyst Fund 10

Thu, 07/13/2023 - 08:58
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Arman Shirinyan
Cardano community outraged and ready to take action
Cardano Drama: This Grifter Company Targets $5.8+ Million From Catalyst Fund 10
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Recently, controversy has been swirling around Cardano, one of the most prominent names in the cryptocurrency industry. RFLXT, a company reportedly funded by IOHK (Input Output Hong Kong), the technology company co-founded by Charles Hoskinson — who is also the founder of Cardano — is vying for a staggering sum of over 5.8 million ADA tokens from Catalyst Fund 10.

The breakdown of the request has raised eyebrows within the Cardano community. The allocation includes 607,000 ADA for Single Sign-On (SSO), 732,400 ADA for a General Software Development Kit (SDK), an eye-watering 2,456,544 ADA for a nebulous "Talent Economy," 150,000 ADA for NMKR and another 1,928,900 ADA for an SDK.

Given that Charles Hoskinson is both the founder of Cardano and the chairman of IOHK, the company funding RFLXT, many community members perceive a conflict of interest. It has been suggested that his position potentially exerts undue influence over the allocation of Catalyst funds, creating an uneven playing field.

Yet, some voices in the community argue that Hoskinson's dual roles might be a strategic move to show the SEC (Securities and Exchange Commission) that he cannot wield unilateral control over the blockchain. However, skeptics counterargue that as CEO of IOHK, the entity funding and developing Cardano's only client, his influence is undeniable.

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RFLXT's request has stirred further controversy due to its track record. Up until now, the team's most notable output appears to be a "low-quality" WordPress site. This underwhelming performance casts a shadow of doubt on their technical competence, sparking debates over whether they are the best recipients of such a significant investment.

As the drama unfolds, the Cardano community will undoubtedly be watching closely, waiting to see how these issues are addressed.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.