Cardano founder dismisses claims of abandoned projects

Charles Hoskinson explained why Cardano’s tools are not known & in use in the crypto sector.

Charles Hoskinson is the founder of the Cardano crypto project & he is currently CEO of the Cardano blockchain developer firm IOHK. In the past, he contributed to the Ethereum blockchain project as a co-founder but left the project citing some conflict with other co-founders. 

On 6 Oct 2023, A Crypto X (Twitter) shared a meme & claimed that Charles Hoskinson sold Cardano (ADA) coins at a $3 trade price and dumped the trade price badly. 

It was fun to read at the beginning, can we go back to work now?

Guess what

Technology innovation does not rely on token price pic.twitter.com/x947NSWltP

— elraulito (@ElRaulito_cnft) October 6, 2023

Another person quoted that meme and said that Hoskinson lied about Cardano’s future development works. For example, Cardano failed to deliver the ERC-20 converter tool, Ethiopia, IELE, etc. 

I think you are missing the point here. Its not just because he probably sold his bag and dumped it on the community, but there were so many promises which never has come true. Ethiopia, IELE, ERC-20 converter etc etc. Keep in mind that IOG still has the full control with BFT-key

— Fabian (@Fabian_vBergen) October 6, 2023

Hoskinson responded to the bad claims and said that all of the mentioned development works are going on.

On the ERC-20 converter, Hoskinson said that the ERC-20 converter has been developed but not in much use because of Milkomeda. 

Furthermore, the Cardano founder said that IOG doesn’t control Cardano and only Emurgo, the CF, and IOG are all genesis key holders. 

You seem to be remarkably comfortable with lying to people on a regular basis. I'm not sure why you do you it and you know better, but you keep at it.

Ethiopia is still being actively developed despite a war and multiple education administrations. You know exactly the status of…

— Charles Hoskinson (@IOHK_Charles) October 7, 2023

Ada coin price action

The current trade price of ADA coin is $0.25 & this trade price is 3.97% lower over the last 7 days of trade price. 

This trade price of ADA coin is 39% down over the last 12 months of trade price, while 91 down from its all-time high and this performance of Ada is really frustrating for the crypto traders.

This year in June month, the United States Securities and Exchange Commission (SEC) sued Binance & Coinbase crypto exchanges.

In the charges, the SEC agency mentioned Ada coin as an unregistered security. Following the SEC’s regulatory action against these mentioned crypto companies, the trade price of ADA coin suffered high sell pressure.

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