CARDANO FOUNDER DENIES $600M ADA MISAPPROPRIATION ALLEGATIONS!

Cardano founder Charles Hoskinson has categorically denied allegations of misappropriating $600 million worth of ADA. According to Hoskinson, the claims are false, and the vast majority of the 350 million ADAs in question were reclaimed by their original owners within seven years. The remaining amount was donated to Intersect, a decentralized governance body tied to Cardano's development, after the legal deadline.

Key Points:

-Allegations: NFT artist Masator Alexander accused Hoskinson of unilaterally altering the Cardano ledger to take control of 318 million ADA, worth over $600 million at the time.

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Hoskinson's Response: Hoskinson stated that Input Output Global (IOG) never allocated 350 million ADAs to itself and that the redemption process for the ADA tokens lasted seven years.

Audit:To debunk the claims, Hoskinson has promised a full audit by the Cardano Foundation. This move aims to restore transparency and trust within the community .

Community Reaction:

- Some users have welcomed Hoskinson's explanation, while others demand independent verification to confirm the allegations are false.

- The controversy has sparked discussions about trust and transparency within the Cardano community, with some questioning how Hoskinson can rebuild faith after such allegations.#MerlinTradingCompetition $ADA #ADA