Cardano founder Charles Hoskinson says his personal crypto holdings have lost more than $3 billion in value during the recent market downturn.
He made the statements during a public livestream from Tokyo, in which he responded to criticism that large founders would not be affected by falling prices.
A loss of $3 billion
Hoskinson made it clear during his livestream: he has personally lost billions in the recent crypto crash. According to him, these are unrealized losses, and he has no intention of selling his coins. His message was addressed to a crypto community that is suffering greatly from falling prices, including that of Cardano (ADA).
He responded strongly to criticism that founders could financially escape market panic. “I’ve lost more money than anyone listening here. Over $3 billion now. It wouldn’t have taken any effort to get out. Just cash up and walk away,” Hoskinson said.
According to him, his involvement in crypto is not about profit. “Do you really think I care if I lose everything? Do you think I’m doing this for the money? Then you’re sorely mistaken.”
The broader crypto market is going through a rough patch. The decline of Bitcoin (BTC) pulled almost all other currencies down with it. The Cardano price plummeted by more than thirty percent in a month and fell below $0.30. This means that ADA is now more than ninety-two percent below the all-time high of $3.09 from September 2021.
2026 will be a ‘reset moment’ for crypto
Hoskinson’s statements are in line with previous signals he gave earlier this year. In an interview with Scott Melker, he said that he had already lost about $2.5 billion in value since 2020. He then pointed to political interference and inadequate regulations as important causes for the withdrawal of private investors.
According to Hoskinson, the crypto sector is at a turning point. He sees 2026 as a structural reset, in which speculation makes way for real applications and a robust infrastructure. “The future lies with systems that add something, not with currencies that just rise and fall quickly,” he said earlier.
Despite the gloomy sentiment, Hoskinson remained optimistic about the technological progress within Cardano during his livestream. He pointed to the further development of Layer-2 solution Hydra, improvements to the Leios consensus mechanism and the privacy-oriented sidechain Midnight as important projects currently being rolled out.
Source: https://newsbit.nl/cardano-oprichter-hoskinson-ik-verloor-meer-dan-3-miljard-dollar-aan-crypto/
