Cardano (ADA) co-founder Charles Hoskinson (찰스 호스킨슨) is again suspected, based on new on-chain analysis, of possibly selling about 1.5 billion ADA during the 2021 bull market. With only currently available public data, it is difficult to confirm whether a sale took place or who controlled the funds, and the controversy is expected to continue for some time.

On June 10 local time, The Defiant reported that NFT creator and on-chain analyst Masato Alexander (마사토 알렉산더) argued in recently released analysis that a large ADA movement in 2021 could be linked to Hoskinson or Input Output Global (IOG) through a much shorter path than previously known.

At the center of the dispute is a large movement of funds in 2021, when ADA hit an all-time high. Alexander analyzed that 1 transaction for 925 million ADA and 9 transfers split into 20 million ADA each shared a common source of funds. He said a flow previously traced through about 40 steps could be shortened to 1 to 7 steps, suggesting a more direct possible link than before.

Alexander cited the flow of collateral funds for stake pools. He said the transactions in question showed traces derived from collateral funds of private stake pools operated by IOG. He also claimed signs were found that several collateral funds of about 64 million ADA were combined to form the large movement.

Alexander acknowledged that his analysis was not decisive evidence. He called it the "best attempt to verify what actually happened on-chain" and said he would correct it if errors were found in the data or methodology.

In practice, the currently available on-chain data cannot identify the beneficial owner of the wallet, and it is also not confirmed whether the funds moved to an exchange and were sold. While a common source of funds can be tracked, some point out that this does not in itself mean Hoskinson or IOG carried out sales.

Hoskinson did not issue a separate position on the allegation. He was also reported to have not responded to The Defiant's request for comment. The Cardano Foundation said in an email response, "There is no information we can confirm regarding transactions related to IOG," while adding, "There is no reason to believe Hoskinson and the main founding entities acted outside good faith and professionalism."

The controversy is drawing more attention as it intersects with governance conflict the Cardano ecosystem has been experiencing recently. This month, TapTools, Cardano's main analytics platform, announced it would end its service, and Cardano Summit 2026 was also cancelled after failing to secure the required votes in a governance ballot.

An IOG-proposed research budget of 32.9 million ADA was also rejected after receiving about 87 percent opposition in a DRep vote. Conflict within the community over development direction and budget execution is intensifying.

Hoskinson has also drawn attention for sending contradictory messages amid recent turmoil. Early this month, he posted that he would "take a break," then reversed himself less than a day later, saying he was "not leaving." He later mentioned the possibility of a so-called "nuclear option" of splitting the Cardano chain and building a new chain if the governance deadlock persists.

Market sentiment is also weak. CoinGecko data show ADA has fallen more than 40 percent over the past month and is trading more than 90 percent below its 2021 all-time high of $3.09. DefiLlama puts total value locked (TVL) in the Cardano ecosystem at about $93 million.

Industry participants say the on-chain analysis has brought Cardano's governance credibility and founder risk back into focus, beyond simply tracing past transactions. They also say that at this stage there is insufficient basis to conclude who substantively controlled the transactions or whether a sale occurred, and that further on-chain analysis and off-chain evidence will be needed for the controversy to be clarified.