Did the Founder of Cardano Embezzle $619 Million? Hopkinson Unveils Startling Claims
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Recent accusations of fraud have targeted Cardano and its founder, Charles Hoskinson. The resurgence of these allegations has led to serious questions about the integrity of both the blockchain and its leader. In response, Hoskinson has shared a detailed plan for future communication with the public and the community.
Missing $619 Million Allegations
On May 7, 2025, a user on a social platform who identifies as Masato Alexander made explosive claims that 318 million ADA, valued at $619 million, had been fraudulently moved, implicating Cardano’s founder, Charles Hoskinson. This allegedly occurred during the Allegra Hard Fork in 2021, which altered the blockchain’s core functions.
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According to Alexander, Hoskinson executed extra code during a routine update that allowed him to erase the initial ICO UTxOs containing 318 million ADA, subsequently reallocating these funds to reserves controlled by private keys associated with him.
The funds were purportedly moved via an MIR (Move Instantaneous Reward) transaction, enabling their use for treasury and staking rewards.
The Cardano community reacted swiftly to these accusations, prompting Hoskinson to publicly deny the claims. He stated that the ADA vouchers belonging to users impacted by the alleged movements became unspendable after the hard fork, resulting in them being transferred to a “custodial account managed by the TGE,” which would distribute genesis funds to original purchasers for three more years. Furthermore, he warned of potential legal actions against Alexander unless the allegations ceased.
Hoskinson Responds to Rumors Again
Following the initial controversy, Charles Hoskinson has again addressed the rumors surrounding the missing $619 million. He pointed out that many rushed to judgment against him without allowing for any clarification or support from friends during this challenging period.
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In terms of the allegations, he assured that a comprehensive audit would be conducted, and the findings would be made accessible to the public. Additionally, he indicated that how he interacts with the community would evolve as a result of recent events.
While he will continue to participate in events and engage with the community, he plans to delegate management of his social media account to a media firm. Moreover, Hoskinson intends to revamp the structure of his online discussions and Q&A sessions, noting that “infinite accessibility can lead to repeated situations.”
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