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In a surprising turn of events, Charles Hoskinson, the visionary behind decentralized blockchain Cardano, inadvertently sparked a wild roller coaster on the crypto market.
On serene Sunday, Dec. 10, Hoskinson innocently shared a snapshot featuring himself and his four-legged companion, Freya, on the social network X. Seemingly harmless, this ordinary post took an unexpected twist.
The twist came in the form of an inactive account tagged in the post, labeled FreyaHoskinson. Opportunists quickly seized on the moment, transforming the dormant account into the center of a new NFT project on Cardano, aptly named FREYA.
Almost instantaneously, the illusion was cast upon the crypto community that Hoskinson had given his seal of approval to this newly emergent cryptocurrency venture, causing a frantic surge of excitement among eager traders anticipating swift profits.
The NFT associated with the project skyrocketed an astonishing 2,530%, triggering a speculative craze. However, as quickly as the surge occurred, a sharp decline followed suit. Within the subsequent hour, half of the token's value plummeted by a staggering 76%, leaving traders bewildered and frustrated.
Facing the storm of criticism that ensued, Hoskinson promptly addressed the situation. In unequivocal terms, he disassociated himself from the fan-created project, emphasizing that he had neither endorsed nor conducted any due diligence on the burgeoning NFT venture.
In a candid statement, he asserted, "I'm not affiliated...I don't commercialize it and haven't collaborated with anyone to do so."
To add to the twist, Hoskinson deleted the original post featuring Freya and the now-infamous account mention, distancing himself from the unintended chaos that ensued.