Charles Hoskinson Faces 318M ADA Scandal – Will It Stop ADA’s Rise to $1?

Just when Cardano, the decentralized blockchain platform, was seeing its native token ADA rising by 4.3% in the last 24 hours, a new controversy has emerged. Claiming that founder Charles Hoskinson Charles Hoskinson Charles Hoskinson is a prominent American entrepreneur and a visionary in the blockchain spaceHe also co-founded the Ethereum blockchain platform and founder of IOHK. He developed a Module proof-of-stake(Pos) blockchain that helps Charles scale and secure enterprise blockchain adoption.   Quick Facts Full Name Charles Hoskinson Birth 05-11-1987 in Hawaii, United States Nationality American Education University of Colorado Boulder, Metropolitan State University of Denver Marital Status Unmarried as of 2025 Net Worth Estimated to be around $700 million    Experience Co-founder of Ethereum, contributing to smart contracts and Dapps in the year 2013. Established IOHK ( Input Output Hong Kong) on the year 2014. Developed and launched Cardano with the (PoS) model in the year 2015 to 2017. Growth of Cardano's Web3, improving blockchain system I the year 2022. Promoted insights about blockchain in Africa and other developing countries in the year 2023. Promoted a digital identity control system, improving the Cardano network in the year 2024. At present, driving innovation in blockchain DeFi and decentralized systems at IOHK.   Chief Executive Officer moved 318 million worth of around $619 million without permission.

Despite the drama, ADA remains on track for a potential breakout, with indicators pointing to a price surge towards $1.

318M ADA Scandal? Hoskinson Responds

Cardano founder Charles Hoskinson has been in the limelight more for the last few weeks, starting from claiming that Ethereum might not survive the next 10-15 years, to defending Cardano against critics  

But this time, Hoskinson is facing serious accusations of making unlawful move of ADA tokens. Crypto influencer Masato Alexander claims Hoskinson used special access to move 318 million unclaimed ADA, worth about $619 million, without permission.

Masato says the tokens were linked to a company called Attain Corp and were sold to investors in Japan, some of whom later felt tricked.

Hoskinson quickly denied all the claims, he said 99.8% of the tokens were claimed legally, and the rest were moved after a 7-year time limit, following the rules.

Many in the Cardano community have come to his defense, saying everything was done transparently and followed network rules.

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Cardano Gears Up for Breakout – $1

Looking at the 1-day chart of Cardano, the price has been consolidating between the range of $0.66 to $0.72 for the last two weeks. Today, ADA jumped nearly 4.5% to around $0.707, breaking out of its recent downtrend.

If you take a closer look at the charts, it’s clear that ADA bounced back from a low of $0.60 and is now moving through key Fibonacci levels. In particular, ADA has broken through the 0.618 Fibonacci level at $0.6984 and is currently testing the 0.786 level at $0.7086, a bullish signal that suggests strength is building.

If ADA can close above $0.7214, it may confirm a breakout and open the door to a rally toward $0.75, $0.80, or even $1.

However, if ADA fails to break this key resistance, it could dip back to support near $0.6684 or $0.616.

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