#CardanoFoundation1096BTCUseQuestioned ๐ต๏ธ : Transparency or suspicion
June 15 โ Thomas Braziel, an expert bankruptcy investor, demands Cardano to reveal the whereabouts of 1.096
$BTC that were part of the ICO from 2015-2017. Back then, they were worth ~$454,000; today, over **$70 million**. The entity that received those funds, a foundation in the Isle of Man, was dissolved in December 2025, leaving no clear institutional trace.
๐ค Hoskinson's Explanation
Charles Hoskinson stated in an AMA that the funds were used in 2016-2017 to pay for an audit of the sale of
$ADA and to compensate three reviewers. He points out that BTC was trading at ~$414, so the actual expenditure was ~$454,000. The three involved can vouch for the work done.
โ๏ธ Ongoing Doubts
Braziel doesn't buy the story: he demands invoices, service agreements, and payment records. He criticizes IOHK (Hoskinson's company) for controlling ~95% of the BTC raised, while the Isle of Man foundation received a tiny portion. He threatens to escalate the case to legal or regulatory authorities if there's no transparency.
๐ Delicate Context for Cardano
ยท ADA is trading near multi-year lows.
ยท The Foundation's treasury is under scrutiny.
ยท A proposal for 7.8M ADA for the Singapore Summit was rejected by the community, canceling the event.
ยท Hoskinson wants to move the community from X to Discord, seen by some as a retreat from scrutiny.
๐ง Conclusion
The FUD isnโt temporary. Itโs a litmus test for the transparency of one of the oldest projects. Without documentation, trust in Cardano's governance could continue to deteriorate. The pressure for clear accountability is already a central issue for ADA's credibility.
Do you think Hoskinson will publish the records, or will the case fade away like other controversies? ๐
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