TLDR
- Masato Alexander traced ADA wallet flows linked to IOG-related stake pool funding sources during Cardano’s 2021 rally.
- The analysis centers on a 925 million ADA transfer and nine separate 20 million ADA payments.
- Alexander said the traced transactions share closer funding ancestry than previously identified Genesis UTxO links.
- The Cardano Foundation said it had no insight into the IOG transactions referenced online.
- On-chain tracing cannot confirm wallet control, exchange sales, or contractual limits without off-chain evidence.
Renewed on-chain analysis has revived claims that Cardano co-founder Charles Hoskinson may have sold about 1.5 billion ADA during the 2021 bull market, when the token reached its all-time high of $3.09. The claims were published by NFT creator Masato Alexander, who reviewed Cardano blockchain transactions and compared wallet flows tied to earlier allegations.
Alexander said the analysis focused on large ADA movements that appeared during the 2021 rally, including a 925 million ADA transfer and multiple 20 million ADA payments. The tracing work connected those transactions to funding sources associated with IOG-related stake pools, although the data does not prove that the tokens were sold.
The claims have drawn attention because Hoskinson publicly supported Cardano during the same period, while ADA was trading near record levels. The on-chain evidence, as presented, identifies transaction ancestry and possible funding paths, but it does not establish wallet control or final transaction purpose.
Alexander Traces ADA Flows Linked to IOG Stake Pools
Alexander published the analysis on X, describing it as an independent review of a May 2025 claim that Hoskinson sold around 1.5 billion ADA during the 2021 hype cycle. The earlier claim also alleged that ten 20 million ADA payments were made to Gavin Wood, the Ethereum and Polkadot co-founder.
The updated tracing centers on stake pool pledge flows, which Alexander said show that Input Output Global had a broader on-chain footprint than its original Genesis UTxO. IOG, founded and led by Hoskinson, is one of the founding entities behind the Cardano blockchain and has long played a central engineering role in the network.
According to Alexander, the 925 million ADA movement and nine separate 20 million ADA payments share a closer common ancestor than IOG’s Genesis ADA. He said the revised route reduced the number of transaction hops from roughly 40 to a range of one to seven, based on the wallet paths reviewed.
Cardano Foundation Responds to Renewed Allegations
The Cardano Foundation said it had no insight into the reported IOG transactions referenced in Alexander’s X thread. In its response, the Foundation noted that Cardano has three distinct founding entities: IOG, Emurgo, and the Cardano Foundation.
The Foundation said its role is to advance the Cardano blockchain and that it had no reason to assume anything other than professional conduct and good faith from other founding entities, including Hoskinson. The statement did not confirm or deny the transaction claims described in the on-chain analysis.
Hoskinson had not issued a public response to the new analysis, according to the provided report. The absence of a response has left the discussion centered on blockchain records, public wallet tracing, and the limits of interpreting UTxO transaction histories.
On-Chain Evidence Does Not Prove ADA Sales
Alexander stated that the work was a best-effort review of what appeared on-chain and invited others to check the data or methodology. He also published a transaction graph, a flow visualization, and raw identifiers linked to Cardanoscan records for public review.
The analysis does not prove who controlled each wallet involved, whether any ADA was moved to exchanges, or whether the transactions were governed by early allocation agreements. UTxO ancestry can identify shared funding origins, but it cannot confirm ownership or the commercial purpose of transfers without off-chain records.
The renewed claims come during a period of pressure inside the Cardano ecosystem, following shutdowns of some ecosystem projects and public statements from Hoskinson that were later partly walked back. ADA was reported at $0.1623 on Wednesday, down 22% over seven days and 42% over the past month, while remaining 94.74% below its September 2021 peak.
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