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Braziel questions control of 1,090 BTC tied to Cardano crowdsale

Braziel questions control of 1,090 BTC tied to Cardano crowdsale

Charles Hoskinson gave a more detailed account of the bitcoin’s use in 2016-2017, while Thomas Braziel pressed for invoices, agreements, approvals and payment records and questioned how ICO proceeds were allocated.

BTC
ADA

Fact Check
Multiple independent sources, including Braziel's own X post (@Bkclaims), PANews, BlockBeats, and Binance Square, all confirm that Hoskinson gave a detailed account of the Bitcoin's use in 2016-2017 in a June 14 AMA, and that Thomas Braziel pressed for invoices, agreements, approvals and payment records while questioning how ICO proceeds were allocated. The only minor discrepancy is the exact BTC figure (1,090 vs 1,096), which does not undermine the substance of the claim.
Summary

Thomas Braziel said Charles Hoskinson has now offered his most specific explanation yet for about 1,096 BTC, now worth roughly $70 million, reportedly held by the Isle of Man Foundation, now the Cardano Foundation. Braziel said Hoskinson claimed the bitcoin was used in 2016-2017 for matters related to Michael Parsons and the original audit process. Braziel, however, questioned the timing, the valuation basis and why IOHK ultimately controlled about 95% of the ICO bitcoin while also receiving billions of ADA, whereas the foundation had limited economic rights. He said invoices, agreements, approvals and payment records should be disclosed next if that is the explanation.

Terms & Concepts
  • ICO: Initial coin offering, a token fundraising sale in which buyers contribute assets in exchange for newly issued tokens.
  • ADA: Cardano’s native token, used within the network and referenced here in connection with historical crowdsale allocations.
  • audit process: A formal review of financial or organizational records meant to verify how funds were handled.