{"id":24117,"date":"2025-05-20T10:35:38","date_gmt":"2025-05-20T07:35:38","guid":{"rendered":"https:\/\/forklog.com\/en\/hoskinson-to-audit-cardano-foundation-amid-600-million-ada-misappropriation-allegations\/"},"modified":"2025-05-20T10:35:38","modified_gmt":"2025-05-20T07:35:38","slug":"hoskinson-to-audit-cardano-foundation-amid-600-million-ada-misappropriation-allegations","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/hoskinson-to-audit-cardano-foundation-amid-600-million-ada-misappropriation-allegations\/","title":{"rendered":"Hoskinson to Audit Cardano Foundation Amid $600 Million ADA Misappropriation Allegations"},"content":{"rendered":"<p>The Cardano Foundation is set to release an audit report on the state of its treasury following allegations of misappropriating $600 million in ADA.\u00a0<\/p>\n<p>NFT artist Masato Alexander claimed that Cardano blockchain platform founder Charles Hoskinson used a genesis key to alter the ledger and transfer 318 million ADA during the Allegra hard fork in 2021.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">In 2021, Charles Hoskinson unilaterally used his genesis keys to REWRITE the Cardano ledger and take control of \u20b3318m ($619m)<\/p>\n<p>By comparison, when the DAO hack happened in 2016, the Ethereum community forked over $60m.<\/p>\n<p>One of the largest ledger reorgs in blockchain history: ?<\/p>\n<p>\u2014 masato_alexander (@masatoalexander) <a href=\"https:\/\/twitter.com\/masatoalexander\/status\/1920141651344838993?ref_src=twsrc%5Etfw\">May 7, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As evidence, the expert presented a <a href=\"https:\/\/cardanoscan.io\/transaction\/1fbd16c1d1b1933f2f97a313db8c749bdcf65a39d996515b0f5e5535baad68e8?tab=protocolupdates\">transaction<\/a> that initiated the protocol update and a <span data-descr=\"saving changes in the repository\" class=\"old_tooltip\">commit<\/span> on <a href=\"https:\/\/github.com\/IntersectMBO\/cardano-ledger\/commit\/010a7fa991b1f61b685e6b03382cd2e4dacfc30c\" title=\"\">Github<\/a>.\u00a0<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXeVCAPJXQ3F9_gzNoNSGUbUqC5oQKp2oOJX8zCVcwcIBfIsi6djhFYnyc0ccq5cSojuefhVf8IpxrqzxXnWYW8s5-JImI9DNrx58iSSi2-1Zo9OwhqCL_cer2_nCP6Gm0ynzO_9Bg?key=2r-3UDMWTYpfzJ_OINd0AQ\" alt=\"Hoskinson to Audit Cardano Foundation Amid $600 Million ADA Misappropriation Allegations\"\/><figcaption class=\"wp-element-caption\">Transfer of 318 million ADA. Data: Cardanoscan.<\/figcaption><\/figure>\n<p>The coins yielded 25 million ADA in staking rewards, Alexander added. Hoskinson responded to the allegations.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Because you cannot read. The vast majority of that 350 million ada was redeemed by the original buyers. It took seven years.<\/p>\n<p>\u2014 Charles Hoskinson (@IOHK_Charles) <a href=\"https:\/\/twitter.com\/IOHK_Charles\/status\/1919833979726782523?ref_src=twsrc%5Etfw\">May 6, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201c[\u2026] The vast majority of those 350 million ADA was redeemed by the original buyers. It took seven years,\u201d he noted.<\/p>\n<\/blockquote>\n<p>Alexander pointed out that the genesis block of the Cardano network was created in October 2017.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">genesis block was october 2017.<\/p>\n<p>how did you manage to get the &#8220;vast majority&#8221; of this 350m to its buyers after years of not being able to for years?<\/p>\n<p>given that Attain (original seller) no longer existed, how did you come to decide how to use the remaining funds?<\/p>\n<p>\u2014 masato_alexander (@masatoalexander) <a href=\"https:\/\/twitter.com\/masatoalexander\/status\/1919838559545999471?ref_src=twsrc%5Etfw\">May 6, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201c[\u2026] How did you manage to get the \u2018vast majority\u2019 of this 350 million to buyers after years of not being able to do so?\u201d, he asked.<\/p>\n<\/blockquote>\n<p>Hoskinson announced the preparation of an audit report related to the hard fork. He emphasized that he is \u201cdeeply hurt\u201d by the community&#8217;s distrust.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The one advantage in a crisis or an event that tests people is that you rapidly get to see who your friends truly are and who&#8217;s fairweather. I&#8217;d like to thank all the support and kind words both privately and publicly. <\/p>\n<p>The downside is that I believe there will be a cold\u2026<\/p>\n<p>\u2014 Charles Hoskinson (@IOHK_Charles) <a href=\"https:\/\/twitter.com\/IOHK_Charles\/status\/1924176258222502001?ref_src=twsrc%5Etfw\">May 18, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cIf I am not given the presumption of innocence without compelling evidence to the contrary, then I do not have the connection with some people that I had hoped for. [\u2026] After the audit report is released, I will likely hand over my X account to the media team and change the format of <span data-descr=\"Ask Me Anything \u2014 ask me anything\" class=\"old_tooltip\">AMA<\/span> and <span data-descr=\"audio chat feature on the X platform\" class=\"old_tooltip\">X Spaces<\/span>,\u201d he wrote.<\/p>\n<\/blockquote>\n<p>In May, Hoskinson <a href=\"https:\/\/forklog.com\/en\/news\/charles-hoskinson-announces-private-stablecoin-on-cardano\">announced<\/a> a private stablecoin based on Cardano.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Cardano Foundation is set to release an audit report on the state of its treasury following allegations of misappropriating $600 million in ADA.\u00a0 NFT artist Masato Alexander claimed that Cardano blockchain platform founder Charles Hoskinson used a genesis key to alter the ledger and transfer 318 million ADA during the Allegra hard fork in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":24116,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[967,1401],"class_list":["post-24117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-audit","tag-cardano-ada"],"aioseo_notices":[],"amp_enabled":true,"views":"74","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/24117","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=24117"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/24117\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/24116"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=24117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=24117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=24117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}