Charles Hoskinson, the founder of Cardano, announced the start of an independent audit of the Cardano Foundation following accusations of embezzling $619 million in ADA tokens. The scandal erupted after NFT artist Masato Alexander claimed that Hoskinson used a 'genesis key' during the Allegra hard fork in 2021 to rewrite the ledger and appropriate 318 million ADA. These funds, according to Alexander, were transferred to the network's reserves, with part used for staking, yielding a profit of $25 million.
Hoskinson categorically denies the allegations, calling them baseless, and claims that 99.8% of the ICO tokens were purchased by initial investors, with the remainder transferred to Intersect. He expressed deep disappointment at the community's reaction, stating that he feels a 'deep grievance' over the loss of trust. The Cardano Foundation promised a transparent report that will be released soon to dispel doubts.
This situation has become a test for the reputation of Cardano and Hoskinson, underscoring the importance of trust in the crypto sphere. Stay tuned for updates and subscribe to #MiningUpdates for the latest news!
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