Hoskinson Links Cardano’s 1,096 BTC to 2016 Audit

During a livestream, Charles Hoskinson traced the disputed 1,096 Bitcoin to a March 2016 email from Michael Parsons, then chairman of the Cardano Foundation, requesting payment for an audit of the ADA crowdsale. The crowdsale ran from 2015 to 2017 and raised about $62 million, largely from Japanese investors. Hoskinson named three reviewers as recipients of the payment: Michael Parsons, John Maguire and Bruce Milligan.

Hoskinson cited the closing Bitcoin price on March 13, 2016 as $414; independent historical data places the price near $412. Using that figure, he said the 1,096 BTC would have equaled roughly $400,000 at the time, which he described as payment for three auditors. At today’s Bitcoin price, the same 1,096 BTC is worth about $70 million.

Michael Parsons resigned as Cardano Foundation chair in 2018 after IOHK and EMURGO publicly criticized his handling of governance and transparency. That dispute over governance and project reserves has affected debates about how funds from the crowdsale were managed and disclosed.

Hoskinson argued repeated requests for more disclosure are intended to inflame public opinion rather than resolve questions. He said each response prompts further accusations and diverts resources from ecosystem development. “The purpose of the allegation isn’t the allegation. It’s the rage,” he said during the livestream.

Investor Thomas Braziel acknowledged that Hoskinson’s account addressed one detail but requested documentary proof. Braziel asked for invoices, approvals and payment records and questioned how IOHK came to control roughly 95% of the Bitcoin raised while the Foundation retained a smaller share.

The dispute over the 1,096 BTC and calls for full documentary records come as scrutiny grows around the Foundation’s reserves. Cardano’s native token ADA was trading near $0.1669, down about 3% on the day and ranked 17th by market value.