Cardano's $70M Bitcoin Controversy Deepens as Founder Explains Audit Payments

Cardano's early fundraising efforts have come under scrutiny due to the mysterious disappearance of 1,096 Bitcoin (BTC) tied to its original ADA crowdsale. The debate centers on where the funds went and whether enough evidence exists to confirm their final destination.

In a recent AMA livestream, Cardano founder Charles Hoskinson explained that the BTC was not lost or held by insiders. Instead, it was used between 2016 and 2017 to compensate three auditors who reviewed the ADA fundraising process.

Hoskinson stated that the audit was requested by Michael Parsons, who served as chairman of the ADA Foundation at the time. The review aimed to verify the integrity of the token sale, which raised roughly $62 million, largely from Japanese investors.

However, some members of the Cardano community remain unconvinced, with critics arguing that clear documentation should exist if the funds were legitimately paid to auditors. Thomas Braziel, a crypto bankruptcy claims investor, has called on the ADA Foundation to release contracts, invoices, payment records, and other supporting documents.