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

BlockBeats News, June 15th — Recently, the crypto OG project Cardano has encountered controversy. The cause was that an investor focusing on bankruptcy claims and crypto assets, Thomas Braziel, discovered through company documents and on-chain records that the whereabouts of about 1090 BTC received during Cardano's crowdfunding are unknown. According to his findings, this portion of Bitcoin was originally allocated to an Isle of Man entity (the early predecessor structure of the Cardano Foundation), which was dissolved in December 2025.

As a result, Braziel raised a public question on X: Since Hoskinson was an early participant in the Isle of Man entity, after the dissolution of this entity, what is the current whereabouts of this approximately $70 million worth of BTC? Who is in control? Is it transparent?

In response, Cardano's founder Charles Hoskinson stated in an AMA yesterday that this Bitcoin has been used to pay for audit fees related to the 2016 project crowdfunding sale, as its value at the time was only $454,000. Thomas Braziel has requested further evidence from Hoskinson to prove this usage, including invoices, agreements, approvals, and payment records, to ensure the financial transparency of the project.