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Cardano's Charles Hoskinson Denies Buyback Rumors, Threatens Critic with Lawsuit


u.today 18 February 2022 15:11, UTC
Reading time: ~2 m

Input Output CEO Charles Hoskinson has publicly threatened Digital Assets Data's co-founder Mike Alfred with legal action over the latter's unsubstantiated claims about a buyback program.

There is no buyback program and if you keep lying publicly, then I'll consider litigation. I am directly asking you to stop writing deceptive tweets intended to slander and mislead the general public

— Charles Hoskinson (@IOHK_Charles) February 17, 2022

Hoskinson has definitely denied that such a program exists, urging Alfred not to write "deceptive" tweets that are meant to deceive the general public and slander the Cardano brand:

I am directly asking you to stop writing deceptive tweets intended to slander and mislead the general public.

Hoskinson has been critical of cryptocurrency buybacks for a long time. Back in 2019, he made it clear that he would rather focus on forging new partnerships instead of buying back tokens for the sake of short-term price appreciation:  

Even if there was then you'd have to ask yourself: would you rather spend that money going to every country in Africa building relationships with their leadership and getting tens of millions of people into the protocol or appreciating the price of 3% to buy back to it a million worth of tokens?

Alfred does not mince words when it comes to Cardano, frequently riling up the community with his caustic take.

In his most recent viral tweet that refers to a new cryptocurrency unit launched by the Federal Bureau of Investigation (FBI), the Bitcoin bull quipped that the formidable enforcement agency would not bother to seize ADA since it was going down to zero "on its own." The Digital Assets Data co-founder also alleged that 95% of Cardano's total trading volume comes from a buyback program, which was the slanderous comment that drew Hoskinson's ire. The detractor also mocked ADA's anemic price action, claiming that it would still be 98% overvalued if it were to drop another 50% from where it is trading right now.

The cryptocurrency is currently stuck just above the $1 mark after a long streak of poor performance.

Earlier this month, Alfred tweeted that Cardano "doesn't even exist," fueling the long-persistent "ghost chain" narrative surrounding the controversial blockchain project.

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