🙇♂️ Cardano Faces $600 Million ADA Scandal: Hoskinson Denies Allegations, Awaits Audit Report.
The Cardano Foundation is preparing to release an audit report related to allegations of misappropriating approximately $600 million in ADA tokens. Charles Hoskinson, the founder of Cardano, is facing criticism after NFT artist Masato Alexander accused him of using the "genesis key" to manipulate the ledger and control 619 million ADA during the Allegra hard fork in 2021. A transaction in October 2021 showed that over 318 million ADA had been transferred from the reserve fund.
Hoskinson has denied the allegations, asserting that most of the ADA has been returned to buyers and the remainder was donated to the Intersect organization after the 7-year term expired. He confirmed that an audit is being conducted and expressed disappointment at losing trust from the community, while also considering changes to public interaction after the report is released.
