Main navigation

Cardano Founder Reveals J.P. Morgan Does Not Own Any Critical Cardano Infrastructure

Sat, 03/05/2022 - 15:46
article image
Tomiwabold Olajide
IOHK CEO indirectly hinted at decentralization of the Cardano ecosystem
Cardano Founder Reveals J.P. Morgan Does Not Own Any Critical Cardano Infrastructure
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Cardano founder Charles Hoskinson has reacted to the news of blockchain company ConsenSys facing a multi-billion dollar audit as shareholders claimed ''irregularities.'' The IOHK CEO indirectly hinted at decentralization in the Cardano ecosystem as he tweeted: "Just want to point out that J.P. Morgan does not own any critical Cardano Infrastructure."

At issue in the ConSenSys audit is the valuation of key pillars of the Ethereum ecosystem, including MetaMask and Infura.

A group of 35 former employees representing more than 50% of all known ConsenSys AG (CAG) shareholders had filed a request for a special audit regarding an August 2020 transfer of assets between ConSensys AG and ConSensys Software Inc.

The group alleges that multiple assets were mispriced during the transaction as key assets such as MetaMask were valued as low as $4.4 million in the transaction. As part of the agreement, JPMorgan also acquired a 10% share in ConsenSys Software.

"We have no secrets": IOHK CEO

As U.Today previously reported, Input-Output CEO Charles Hoskinson said that his company has "no secrets" when asked to weigh in on the Theranos disaster.

He stated:

''Anyone in the world can fork Cardano…Anyone in the world can take our paper and implement our papers as has been done by Mina Protocol and Polkadot for some of our papers…There are no restrictions. If you are a scam, you don't let people see what's behind the curtain because there's nothing there. It's just that simple.''

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.