Cardano Founder Charles Hoskinson Admits to Rejecting a 293,000 ETH Allocation

Founding Ethereum member and Cardano co-creator Charles Hoskinson admits to declining a “founder’s allocation” of 293,000 ETH.

Making the declaration in a recent “surprise” AMA (“ask me anything”) on his Youtube channel, Hoskinson further asserted that he has, in fact, never held any ETH — despite being one of the original founding members of Ethereum. He stated:

“I do not own any Ether. I have zero Ether. Historical fact — I’ve never actually owned any Ether my entire life. I was entitled to 293 thousand Ether — I didn’t take it. I told them: give it to someone else.”

Where the figure may appear generous, it constitutes less than 2.5 % of the project’s initial allocation — nearly 12 million ETH being set aside solely for the Ethereum Foundation during the July 2014 initial public sale. Today, Ethereum is the second-largest cryptocurrency by market capitalization, worth more than $45 billion at time of press.

Hoskinson did not detail his reasoning for denying the sum, yet one might point to the developer’s contentious exit from the Ethereum team. After a creative disagreement with Vitalik Buterin — who conceptualized the smart contract platform in 2013 — Hoskinson departed in June 2014. Speaking of his exit, Hoskinson told Forbes:

“At the time I was pretty pissed off, Ether went up [to a market cap of] $120 billion, so what the hell do I know?”

Hoskinson’s feelings of stagnation would appear to have been fleeting, however. In 2015, the Colorado-born entrepreneur and mathematician teamed up with former Ethereum colleague Jeremy Wood to found prominent blockchain firm IOHK — the creators of Cardano.

Coinbase Exploring the Addition of Cardano, Basic Attention Token, Stellar Lumens, Zcash, and 0x
Related: Coinbase Exploring the Addition of Cardano, Basic Attention Token, Stellar Lumens, Zcash, and 0x

As previously reported by CryptoSlate, Cardano (ADA) is one of five coins currently being considered for addition by Coinbase:

Now the 8th most valuable cryptocurrency by market capitalization, Cardano’s success would presumably have paved the way for Hoskinson’s ascension to Forbes’ ‘Crypto Rich List’ — his net worth estimated at $500-600 million as of February 2018.

Cover Photo by Kai Pilger on Unsplash

Posted In: , Altcoins, People of Blockchain
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Jonnie Emsley

Jonnie Emsley

Fintech Journalist @ CryptoSlate

Jonnie is a writer and blockchain enthusiast based in Ho Chi Minh City, Vietnam. Discovering new corners of the world and emerging tech trends makes him tick.

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