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Cardano Founder Responds to Controversy Over $70 Million Bitcoin Transaction: Audit Fee Paid in 2016

2026.06.15 09:04:54

June 15 — The crypto project Cardano is mired in controversy following a discovery by Thomas Braziel, an investor focused on bankruptcy claims and digital assets. Braziel found via company documents and on-chain records that roughly 1,090 Bitcoin from Cardano’s crowdfunding round has an unknown whereabouts. These Bitcoins were originally allocated to an Isle of Man entity—an early predecessor structure of the Cardano Foundation, which was dissolved in December 2025. In a post on X, Braziel questioned Cardano founder Charles Hoskinson, who was an early participant in that Isle of Man entity: What happened to this Bitcoin (now worth around $70 million) after the entity dissolved? Who controls the funds now? And is the situation transparent? Hoskinson responded during an AMA yesterday, stating the Bitcoin was used to cover audit fees for the 2016 crowdfunding sale, when the BTC was only valued at $454,000. Now, Braziel is requesting additional evidence from Hoskinson to validate this claim—including invoices, agreements, approvals, and payment records—to ensure the project’s financial transparency.
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