Charles Hoskinson has provided his most detailed explanation yet regarding Cardano's disputed 1,096 Bitcoin, tracing the funds to a March 2016 audit of the original ADA crowdsale. During a livestream, he stated that the sum was payment to three auditors—Michael Parsons, John Maguire, and Bruce Milligan—citing a closing Bitcoin price of $414 on March 13, 2016, making the payment approximately $400,000. This amount, now worth about $70 million due to Bitcoin's price increase, has fueled ongoing controversy. Hoskinson argued that repeated demands for transparency are in bad faith, designed to provoke outrage rather than seek resolution, and that each answer leads to further allegations, draining resources. Investor Thomas Braziel countered that the explanation raises new questions, demanding invoices and proof of where the Bitcoin actually went. The issue amplifies as Cardano's foundation reserves shrink, ADA trades near $0.1669 (down 3%), and the token ranks 17th by market cap.

Key facts

• Hoskinson says 1,096 BTC was payment for a 2016 audit of the ADA crowdsale.
• The payment involved three auditors: Michael Parsons, John Maguire, and Bruce Milligan.
• Bitcoin price on March 13, 2016 was $414, making the payment about $400,000.
• Same 1,096 BTC now worth ~$70 million, fueling ongoing dispute.
• Investor Thomas Braziel demands invoices and proof of fund allocation.

KeyAudit data perspective