New Onchain Research Revives 2021 ADA Sale Claims The Defiant reported on June 10 that NFT creator and onchain analyst Masato Alexander published new tracing work claiming that large $ADA tra
The Defiant reported on June 10 that NFT creator and onchain analyst Masato Alexander published new tracing work claiming that large $ADA transactions during the 2021 market rally can be linked to Cardano (@Cardano) co-founder Charles Hoskinson or his engineering firm Input Output Global (IOG) through a shorter chain of wallet hops than previously identified. The analysis revives allegations that Hoskinson sold approximately 1.5 billion ADA during the period when the token hit its all-time high.
Alexander's argument centres on stake pool pledge flows. He contends that IOG's onchain presence extended well beyond its original Genesis UTxO, and that both a single 925 million ADA movement and nine separate 20 million ADA payments share a common funding ancestor. According to Alexander, that ancestor sits between one and seven hops from IOG, compared to roughly 40 hops in earlier analyses.
The analysis does not independently prove ownership, nor does it establish that any transfer was a sale. It remains difficult to confirm whether a sale took place or who controlled the funds. Hoskinson has not publicly responded to the claims and did not reply to a request for comment from The Defiant.
The Cardano Foundation, in an emailed response, said it has no insight into the transactions referenced by Alexander, while adding that it has "no reason to assume anything other than professional conduct and best intentions" from the other founding entities, including Hoskinson.
The timing adds pressure to an ecosystem already under significant strain. Hoskinson warned in early June of a "wave of failures" across Cardano following the shutdown of TapTools, the network's most-used analytics platform. The Cardano Foundation separately cancelled Cardano Summit 2026 after a 7.8 million ADA treasury proposal fell just short of the two-thirds supermajority required under the Voltaire governance framework. A 32.9 million ADA IOG research budget proposal drew approximately 87% opposition from Delegated Representatives (DReps).
On June 3, Hoskinson posted that he was taking a break, then reversed that statement roughly 21 hours later. ADA has fallen more than 40% over the past month and is trading more than 90% below its 2021 all-time high of $3.09, according to data tracked by CoinGecko.
The onchain allegations, unresolved and contested, arrive at a moment when questions around governance credibility and founder accountability are already at the centre of debate inside the Cardano community.
Sources:The Defiant: On-Chain Tracking Revives Allegations That Hoskinson Sold 1.5B ADA in the 2021 RallyDigital Today: Cardano founder 1.5 billion ADA sale allegation resurfacesThe Defiant: Cardano Community Votes Down 7.8M ADA Summit Budget
