Charles Hoskinson, co-founder of Cardano and managing director of the engineering company, Output Global Entry (IOG), rejected the allegations that he did not appropriate hundreds of millions of Dollars of Ada from the Blockchain 2015-2017 generation event. Writing on x On Wednesday, Hoskinson insisted that “Iog never gave himself 350 million ADA not claimed. It is a lie “, adding that” the vast majority was claimed and that the rest which was lost after seven years of waiting was given to intersection “.
The founder of Cardano rejects the allegations of fraud
The dispute broke out after the user of X Masato Alexander resurfaced a transaction in October 2021 in which Hoskinson, using a movement of 350 million ADA via a recalculation of monetary incentives (MIR), “rewrite the Cardano allegedly and took control of 318 m (619 m)”. Alexander complaints That the operation was equivalent to “one of the biggest reactions of the big book in the history of blockchain”, even exceeding Dao Fork 2016 by Ethereum. He asked how the 350 million ADAs “from good” could have been reduced to “7 M USD” which would finally finance Intersect, a member organization affiliated with Cardano.
Hoskinson replied that the figures had been poorly read. “Because you cannot read,” he told Alexander, “the vast majority of these 350 million ADAs were bought by original buyers. It took seven years.” In a detailed article, he explained that the design of the TGE contract contract required a complete period of waiting of seven years before the vouchers not claimed could be recalled. He also underlined the collapse of the involvement, the supplier of good third parties of origin, and the decision of the Cardano Foundation in 2017 not to assume the work of redemption of good, as main reasons, “many people of Iog have spent years of their lives, tirelessly on this program”.
The founder of Cardano said that the TGE entity was now “in the last stages of the buyout process since the final buyer is almost finished with his complaint”. Once the final complaint has been treated, Hoskinson wrote: “The final act of the TGE will be to issue an audited report outside on the whole crowdsal and the history of redemption with founding entities and will meet. He will then start the closing process. ” This report, he added, will constitute the basis of any legal action that IOG could continue against commentators who continue to allege the fault: “If they continue to assert that IOG has stolen funds, we will pursue legal action.”
Hoskinson stressed that “99.8% of all the good ADA sold were bought by their original buyers. After seven years, the remaining 0.2% was returned to the TGE and given to cross through the same process which financed the Cardano Foundation. ” He stressed that “no report on this subject has been published because the buyout process has been underway since the protocol launch in 2017.”
Hoskinson has also threatened the possibility of a dispute. “As we are now considering disputes against those who slander us, we will make no other declaration until the closing report is published. We will then send letters to the concerned parties requiring retractions and excuses. ”
At the time of the press, Ada exchanged $ 0.70.
Star image created with dall.e, tradingView.com graphic
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