Charles Hoskinson disclosed in an AMA that 1,096 BTC from the foundation was spent in 2016-2017 amid audit demands.
Cardano co-founder Charles Hoskinson stated in an AMA that 1,096 BTC, now worth $70 million, held by the Isle of Man Foundation was used in 2016 and 2017 to address demands tied to Michael Parsons and an audit process. The disclosure raises questions about transparency and allocation of funds during the period.
Investor Thomas Braziel called for the release of invoices, agreements, and payment records to clarify the BTC’s recipients and purpose. He also highlighted a disparity in asset distribution, noting IOHK controlled 95% of the BTC raised and billions of ADA, while the foundation received minimal economics.
The revelation adds scrutiny to the foundation’s financial management during Cardano’s early development phase.