Cardano creator Charles Hoskinson said in a deep personal clue to X on Sunday that the charges over the past few weeks were dealing with unclaimed initial order (ICO) funds reveal “who” [his] Friends are indeed”, he is determined to cut off the existence of his once boring social media.
“One of the advantages of a crisis or tester incident is that you quickly see who your friends are, who are, who are,” he wrote. He added that the lack of public support from some long-term colleagues “makes the light a little unconscious and makes me want to dramatically change the way I participate.” He noted that once the token sale history is independently reviewed, his X account will be managed by the media team and his long-term “Ask-Me-nything” course will be reformatted.
“I’m still attending events and taking time to take photos and shake hands, but it’s different now. It’s a serious injury to me and won’t recover anytime soon,” Hoskinson concluded.
Dispute on the Unclaimed Cardano Token
Between September 2015 and January 2017, Cardano raised approximately $62 million by selling 25.9 billion ADA vouchers (in Japan) through ATKINCAIN CORPORATION in Tokyo. Later, when the network was launched, the buyer redeemed the vouchers in the Daedalus wallet. The sales of the founding entity of the project (IOHK, now IOG; Cardano Foundation; Cardano Foundation; Emurgo) was reached, which is the full KYC/AML Checks, which is the structure emphasized in contemporary investor materials and later Messari’s research.
The current controversy revolves around an estimated 335 million ADAs (0.2% of ICO allocations), which remain unclaimed in the years since the launch. On May 7, NFT artist Masato Alexander claimed that Hoskinson “effectively erased” the original UTXO during the 2021 Allegra Hard Fork upgrade and swept the tokens into Cardano’s reserves, later placed most of them in Cardano’s reserves and positioned most of them out and directed only scores to the new sanitary subjects of the ecosystem and directed them to Intersect.
Hoskinson rejected these claims as “lie”, insisting that there were legal owners who ended up redeeming 99.8% of the sales tokens and that the remaining balance was moved to the escrow account, which ended up intersecting, and that only in Attapripty’s bankruptcy did not allow late redemption to be handled safely. “The funds were not stolen,” he wrote, warning Alexander and others that repeated charges would lead to lawsuits. “If you continue to imply that the IO has stolen funds, I will sue you. This is my last warning.”
In another post on May 13, he explained that the team “swept away” unfulfilled credentials and reverified the claimant through local consultants and exchange partners because the on-chain redemption mechanism of the estate was unsafe once it was over. “Sweep the process and make sure all remaining unredeemed buyers have a chance to comply again,” Hoskinson wrote, describing this measure as a consumer protection step, rather than a seizure.
According to Hoskinson, every “external audit report” covering voucher sales, each redemption transaction and subsequent transfer of unclaimed ADA is now in its final stages. The file will be distributed to IOG, Cardano Foundation, Emurgo and Intersect and will be published publicly. He said Cardano’s development company will no longer make substantive comments before it is released and will focus on potential legal remedies for what he calls “defamation.”
At press time, the ADA traded at $0.7199.
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