In today’s crypto update, Cardano founder Charles Hoskinson has come under fresh scrutiny after a viral social media post claimed he sold roughly 1.5 billion ADA during the 2021 bull run and sent large payments to Gavin Wood. However, analysts decided to verify the claims by examining on-chain data rather than relying on social media allegations.
Analyst Turns to the Blockchain for Answers
NFT creator Masato Alexander recently revisited a May 2025 post on X that alleged Cardano founder Charles Hoskinson sold 1.5 billion ADA during the peak of the 2021 bull run. The post also claimed that Gavin Wood received ten separate transfers worth 20 million ADA each.
Rather than accept the allegations at face value, Alexander examined the blockchain. He reviewed historical wallet activity and transaction records linked to the claims. The goal was to determine whether on-chain evidence supported the widely circulating narrative.
His findings raised questions about the accuracy of the allegations. As a result, the discussion shifted from speculation toward verifiable on-chain evidence.
Blockchain Trail Connects Recurring ADA Transfers to IOG Holdings
Alexander’s review found that the on-chain pattern broadly matched parts of the original claim. The blockchain shows nine payments of roughly 20.2 million ADA each, sent about once every month between April 2 and November 22, 2021. All of the transfers went to a single address that does not appear in any other year. In total, the payments amounted to approximately 185 million ADA and occurred at approximately 28-day intervals.
According to Alexander, the size, timing, period, and source of the transfers align with key elements of the viral claim. Alexander also traced the origin of the funds. He followed the largest input at each step and worked backward through the transaction history. According to his analysis, all nine transfer chains independently converged roughly 40 hops back to a single Byron genesis output containing 2,463,071,701 ADA.
The amount matches IOG’s published genesis allocation down to the Lovelace. Consequently, the on-chain data suggests that the transfers ultimately originated from funds tied to IOG’s original genesis holdings. However, Alexander revealed that the tracing and findings could not confirm whether the tokens were actually sold. While the blockchain records show the movement of funds, they do not reveal what happened to the ADA after the transfers were completed.
Debate Over Alleged ADA Sales Continues in the Cardano Community
While some community members argue that such claims require verifiable evidence, others have paid little attention to the allegations, viewing them as recurring rumors within the crypto space.
Meanwhile, allegations that Hoskinson sold ADA during the 2021 bull market have remained a point of contention among Cardano supporters and critics. Skeptics have claimed the alleged sales contributed to ADA’s decline after it reached its all-time high of $3.10 in September 2021.
Hoskinson has repeatedly denied the allegations. He has maintained that he did not dump his ADA holdings and stated that the price decline resulted in a personal loss of more than $3 billion. According to him, he remains one of the biggest holders of ADA.
Josiah Oluwadare
