Cardano’s ADA Slips Amid Controversy as Founder Responds to Criticism on X
The post Cardano’s ADA Slips Amid Controversy as Founder Responds to Criticism on X appeared on BitcoinEthereumNews.com.
Cardano’s ADA saw a slight decline in price over the weekend, trading at approximately $0.96 on Sunday, January 12 after founder Charles Hoskinson had a stoush on X. Founder Charles Hoskinson took to X to address mounting criticisms regarding Input Output Global’s (IOG) ADA holdings and the blockchain network’s adoption strategies. Hoskinson Defends IOG’s ADA Holdings In a series of tweets, Hoskinson emphasized that IOG earned its ADA rather than receiving it as a donation. “No ADA was ‘given’ to IOG,” he clarified. “We earned it all. It’s not the people’s money. It’s profit for building Cardano. The original value of IOG’s ADA was around $8 million in 2015. We’ve been here for nine years building.” Hoskinson clarified that IOG’s ADA holdings were earned, not donated. Source: Charles Hoskinson via X Hoskinson also compared IOG’s ADA holdings to those of the Cardano Foundation (CF), which he said were allocated as donations to support ecosystem development. The comments came amid speculation over whether IOG would use its ADA to facilitate the integration of Circle’s USDC stablecoin—a suggestion Hoskinson appeared to dismiss. Accusations of Historical Revisionism The discussion turned contentious when Hoskinson accused a former CF employee of misrepresenting events surrounding stablecoin integration. According to Hoskinson, the CF had an opportunity to integrate USDC in 2021 for $3 million but declined the offer. At that time, the foundation’s holdings were reportedly valued at nearly $2 billion. At publication, Cardano (ADA) traded at $0.93, reflecting a 6.27% drop in 24 hours. Source: Brave New Coin “They turned down the deal according to their own employee,” Hoskinson stated. “Then you rewrite history to eschew any of their responsibility and make it into power dynamics? I’m seriously glad you don’t work for me anymore. Dishonest people have no place at IOG.” Broader Challenges for Cardano…
Filed under: News - @ January 15, 2025 2:19 am