Charles Hoskinson calls Ethereum Classic a scam

Hoskinson criticises Ethereum Classic.

Founder of Cardano Charles Hoskinson criticised the cryptocurrency Ethereum Classic (ETC) in comments on the announcement of the Proof-of-Work Summit 2023.

ETC is now a scam and it’s only purpose is for insiders to dump on those they recruit with blind hope of some magical future that will never come. There is no roadmap, innovation, team, or vision. It’s just anger and toxicity. The Twitter account was built up from years of effort…

— Charles Hoskinson (@IOHK_Charles) May 19, 2023

“ETC is now a scam with the sole purpose of insiders who dump on those they recruit with blind hope of some magical future that will never come,” Hoskinson wrote.

In his words, Ethereum Classic has “no roadmap, innovations, a team, or a vision”.

“Only anger and toxicity. The Twitter account was built up over years of work and marketing at IOG. It was unethical to impose this project on these followers, which is now a scam. Ergo — this is what ETC should have been and continue to develop, to have a purpose, good ethical leadership and funding for the future,” explained the founder of Cardano.

As of writing, Ethereum Classic trades at about $18 and ranks in the top-30 by market capitalisation, with a $2.5 billion cap, according to CoinGecko.

Earlier in September 2022, Hoskinson criticised Ethereum Classic for the unrealised potential of the project.