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Cardano, and in particular its founder Charles Hoskinson, were recently criticized after fraud allegations have surfaced online. Rumors quickly spread when the integrity of the blockchain and its founder was questioned. Consequently, Hopkinson delivered an answer, with a shocking revelation on the way he plans to interact with the public and the community in the future.
$ 619 million contenders disappear
On May 7, 2025, an X user which bears the name of Masato Alexander made a shocking complaint: 318 million ADA worth $ 619 million had been illegally moved and the finger was pointed at the founder of Cardano Charles Hoskinson. Apparently, this happened with the Allegra Hard Fork which took place in 2021 while the main functions of the blockchain were modified.
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Alexander said that Hoskinson had deployed code during what was considered a routine upgrade with an additional payload. It would be allegedly that it allowed Hoskinson to erase the original ocu utxos which held a total of 318 million ADA and moved funds in the Cardano reserves which were controlled by private keys linked to Hoskinson.
The transaction was carried out through a MIR transaction, which means Move Instantaneous Reward Transactions. Essentially, Alexander claims that this allowed funds to be moved by reserves, then used for cash and awards for staking.
These statements quickly drawn the attention of the Cardano community, Hoskinson himself responding under the position to denounce rumors. He first explained that the good ADA of users whose ADA would have been moved to have become unfounded after the hard fork. Thus, they had been transferred to a “held account controlled by the TGE which then continued the acquisition for 3 years more to distribute the funds of Genesis to original buyers”. In addition, Hoskinson threatened legal action if Alexander did not stop doing these complaints.
The founder of Cardano again addresses rumors
After the initial interaction, the founder of Cardano, Charles Hoskinson, again came out to approach the rumors of the missing $ 619 million. He first approached the fact that people quickly condemned him after rumors surfaced without giving him the benefit of the doubt. This spread to friends who, according to him, did not show up for him during this period.
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As for the rumors themselves, the founder explained that there will be a complete audit and a report that will be published for the public. He also revealed that the events of the past few weeks will change the way he is committed to the community from now on.
While Hoskinson plans to continue to attend events and take photos with people, he plans to give his account to a media company. In addition, he plans to change the format of the way he holds his X spaces and ask me for anything (clusters). “Infinite accessibility allows him to perform again and again,” said the founder.
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