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 faced controversy. The trigger was when an investor focused 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 were unknown. According to his findings, this portion of Bitcoin was originally allocated to an Isle of Man entity (an early predecessor structure of the Cardano Foundation), which was dissolved in December 2025.

As a result, Braziel publicly questioned on X: Since Hoskinson was an early participant in the Isle of Man entity, what happened to this Bitcoin, now worth approximately $70 million, after the entity's dissolution? Who is in control? Is it transparent?

In response, Cardano's founder Charles Hoskinson stated in an AMA yesterday that this Bitcoin had been used to pay for audit fees related to the 2016 project crowdfunding sale when its value 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.