cardan

Fresh on-chain research from NFT creator and blockchain analyst Masato Alexander has reignited allegations that #Cardan founder Charles Hoskinson sold ADA during the 2021 bull rally.
The analysis revisits longstanding allegations that Hoskinson may have disposed of approximately 1.5 billion ADA while publicly promoting the asset during Cardano’s historic run to its all-time high.
Alexander initiated the latest investigation after reviewing a May 2025 social media claim alleging that Hoskinson sold roughly 1.5 billion ADA between $1 and $3 during the 2021 market cycle. The claim also alleged that he facilitated 10 separate 20 million ADA payments to Ethereum and Polkadot co-founder Gavin Wood.
A year after the allegations surfaced, Alexander said he independently examined Cardano’s public blockchain data to verify the claims. He focused on the alleged 20 million ADA transfers because they offered a clear and traceable starting point for analyzing the funds’ movement.
Details of the Flows
According to Alexander’s findings, the blockchain records show nine separate transfers of approximately 20.2 million ADA between April and November 2021. Together, the transactions totaled about 185 million ADA.
The payments reportedly followed a near-monthly schedule and all flowed into a single address that showed no activity outside that period.
Alexander further claimed that tracing the largest transaction inputs backward linked all nine payment chains to a Byron-era genesis output containing more than 2.46 billion ADA, an amount that matches Input Output Global’s (IOG) publicly known genesis allocation.
He also identified a separate burst of approximately 925 million ADA transferred between February and March 2021 that appeared to originate from the same source.
Moreover, Alexander’s updated analysis argues that both the 925 million ADA transfers and the recurring 20 million ADA payments share a closer connection to ADA pledged in IOG-operated stake pools.
Timing Coincides With 2021 Market Speculation
Alexander also highlighted a notable timing correlation. According to his analysis, the 925 million ADA transfer burst began around the same time that the so-called “birds” rumors started circulating within crypto communities.
Meanwhile, the recurring 20 million ADA transfers continued throughout much of 2021 as ADA surged toward its all-time high of roughly $3.10.
Despite not drawing definitive conclusions, he argued that the timing closely aligns with the original allegations concerning the movement of large amounts of ADA during the bull market.
Despite the findings, Alexander stressed that blockchain analysis alone cannot prove that any ADA was sold. Instead, the tracing only reveals fund movements and wallet relationships. It cannot determine whether the tokens were transferred to exchanges, liquidated, or otherwise sold through off-chain transactions.
Cardano Foundation Responds
So far, Hoskinson has not publicly commented on either the allegations or Alexander’s latest analysis. However, the Cardano Foundation addressed the claims in an emailed statement to The Defiant. The organization emphasized that Cardano operates through three separate founding entities: IOG, EMURGO, and the Cardano Foundation.
While the Foundation stated that it has no direct knowledge of the transactions highlighted in Alexander’s research, it expressed confidence in the professionalism and intentions of the other founding entities, including Hoskinson.
Scrutiny Intensifies Amid Ecosystem Tensions
The allegations arrive at a time of heightened tension within the Cardano ecosystem. Governance disputes and the shutdown of projects such as TapTools have increased scrutiny of both Hoskinson and IOG in recent months.
Notably, Hoskinson has repeatedly stated that he remains one of the largest holders of ADA. During the February market crash, when ADA fell to around $0.26, he disclosed that the token’s 92% decline from its previous peak had reduced the value of his holdings by more than $3 billion.
He has also consistently expressed support for Cardano, describing the blockchain as his life’s work and emphasizing his commitment to its long-term success.
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