Cardano’s Charles Hoskinson Shares Story About Declining 293,000 ETH Tokens
Charles Hoskinson, the founder of Cardano and a founding member of the Ethereum team, has admitted that he declined a “founder’s allocation” fee of 293,000 ETH. According to the founder, he never actually held ETH. He made this stunning statement on a recent Ask Me Anything on Reddit.
Despite his role as one of the founders of Ethereum, he never owned ETH and gave his share of 293,000 ETH to “someone else” as he rejected the offer. While this may appear like a lot of money, initially it was only 2.5% of the initial allocation of the whole project: 12 million USD that was set aside during the founding of the company in July 2014.
Today, Ethereum is the second largest crypto in the market by capitalization and it is worth more than $45 billion USD at the time of this report.
What Did Hoskinson Not Take The ETH?
While the developer did not give any official reasons for why he did not accept any ETH, one reason might be that he had trouble with the rest of the team. He had a creative disagreement with Vitalik Buterin and he was pissed off. According to him, “what the hell” does he know, though, because the market cap of Ethereum was blown up the roof later.
After leaving the Ethereum team, Hoskinson teamed up with Jeremy Wood, an entrepreneur from Colorado and they both created IOHK, which later created Cardano. At the moment, Cardano is one of the five coins that is being considered to be added in Coinbase. At the time of this report, Cardano is the 8th most valuable crypto by market capitalization.