Charles Hoskinson, founder of Cardano and CEO of Input Output Global (IOG), has responded firmly to accusations from a Stake Pool Operator (SPO) alleging misuse of Cardano treasury funds. The SPO claimed that Hoskinson redirected funds to support ventures outside the Cardano ecosystem, while simultaneously praising the Cardano Foundation for its cooperation in protocol development.
Hoskinson highlighted the irony of the situation, stating, "It’s amusing how I’m the enemy, yet they cheer for the Cardano Foundation," and questioned the fairness of selective accountability within the community. This controversy is part of ongoing tensions between IOG and the Cardano Foundation, which have persisted for several years. Earlier in 2025, the Foundation proposed a 31 million ADA cut from Intersect’s ecosystem budget, which Hoskinson interpreted as an attempt to undermine IOG’s core development role.
Hoskinson has publicly criticized the Cardano Foundation’s unelected board for lacking accountability and has supported claims that the budget cut was aimed at reducing IOG’s influence. Despite an audit clearing him of wrongdoing involving $600 million in ADA voucher claims, the Foundation has not publicly responded to these criticisms or apologized. Hoskinson emphasized the importance of the Midnight project, a privacy-oriented blockchain, calling it the "most transformative project in Cardano’s history" and noting its partnerships with Brave, Bitcoin.com, and Google Cloud.
Amid the internal conflicts, the ADA token has faced market challenges, falling below $0.66 and losing key support levels. Hoskinson urged for constructive discourse and unity, arguing that such behavior harms Cardano’s long-term vision and progress.
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