In a most curious turn of events, Cardano, that stalwart of the crypto realm, clings to its $0.74 support like a cat to a warm windowsill, despite the swirling tempest of misappropriation claims. One might say it’s a bit like watching a soap opera unfold, with all the intrigue and none of the charm.
In the past 24 hours, our dear token has managed a modest rise of 1.4%, though it remains a shadow of its former self, down 5.6% over the week. With a trading volume of $856 million—down 15% from the previous day—one could argue that market activity is as lively as a sloth on a Sunday. Cardano (ADA) is still languishing far from its glorious peak of $3.09, achieved in the halcyon days of September 2021, now a staggering 75% lower. How the mighty have fallen!
These developments come amidst serious allegations against the illustrious Charles Hoskinson, Cardano’s founder, who finds himself in a bit of a pickle. Accusations have surfaced, courtesy of NFT artist Masato Alexander, claiming that Hoskinson misused his privileged access to the Cardano network to shuffle around a staggering 318 million ADA—worth about $619 million at the time—during the 2021 Allegra hard fork. One can only imagine the drama unfolding behind the scenes!
Alexander has pointed to a rather convoluted two-step process involving the erasure of unclaimed ADA from the 2017 initial coin offering and a rather special Move Instantaneous Rewards transaction. It seems our dear Charles has been quite the busy bee, moving funds as if they were mere playthings under the control of Input Output Global, the company behind Cardano.
In 2021, Charles Hoskinson unilaterally used his genesis keys to REWRITE the Cardano ledger and take control of ₳318m ($619m)
By comparison, when the DAO hack happened in 2016, the Ethereum community forked over $60m.
One of the largest ledger reorgs in blockchain history: 🧵
— masato_alexander (@masatoalexander) May 7, 2025
Alexander has raised eyebrows over the transparency of these transactions, noting that a paltry $7 million was formally allocated to the Cardano governance group Intersect. He likened this incident to the infamous 2016 Ethereum DAO hack, but with a distinct lack of community oversight. Oh, the irony!
In a spirited defense, Hoskinson has vehemently denied these claims, branding them as false and damaging. He insists that over 99.8% of ADA from the 2017 token sale was redeemed, with the remaining unclaimed funds—around 18 to 24 million ADA—graciously donated to Intersect. How noble!
According to Hoskinson, the October 2021 transaction was merely an automated process to prevent unredeemed tokens from becoming as useful as a chocolate teapot. He has also promised a full audit of the treasury transactions, which will be released by the Cardano Foundation. One can only hope it’s not as thrilling as watching paint dry.
In the wake of the backlash, Hoskinson expressed that he was “deeply hurt” by the community’s reaction and hinted at a retreat from social media. A wise move, perhaps, as the digital world can be as unforgiving as a British winter.
The one advantage in a crisis or an event that tests people is that you rapidly get to see who your friends truly are and who’s fairweather. I’d like to thank all the support and kind words both privately and publicly.
The downside is that I believe there will be a cold…
— Charles Hoskinson (@IOHK_Charles) May 18, 2025
Despite the swirling controversy, technical indicators suggest ADA is currently in a consolidation phase. With a relative strength index of 51.7, it indicates a rather neutral momentum. The MACD has a negative crossover and little upward pressure, making it somewhat bearish. A delightful cocktail of uncertainty!
As we examine the moving averages, the 10-day and 20-day EMAs and SMAs are acting as resistance, suggesting a short-term selling pressure that could make even the most stoic investor weep. Longer-term support is provided by the 30-, 50-, 100-, and 200-day moving averages, which are still trending upward, like a determined tortoise in a race.
The key to halting further losses may lie in ADA’s ability to maintain its position above its 100-day EMA, currently at $0.73. Should the bulls regain control and push towards $0.78 or higher, we might witness a minor miracle. However, if current support levels crumble, we could see prices plummet below $0.72, possibly reaching $0.70 or even $0.68. Both sides are currently waiting for a catalyst, so the outlook remains as neutral as a British politician at a party conference.
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2025-05-20 07:55