Cardano Theft Rumors Pushes ADA Price to Its Lowest Point in Months
Cardano has suffered during a lengthy investigation over funds misappropriation, but the coin's founder has now been cleared.
Quick overview
- Charles Hoskinson, founder of Cardano, faced accusations of misappropriating $619 million in ADA coins, leading to a 4% drop in the coin's price.
- A third-party audit cleared Hoskinson of any wrongdoing, confirming that all funds were legitimately moved.
- Despite the allegations being proven false, Cardano's price fell to a 2025-low of $0.8046 before rebounding slightly to $0.8435.
- Cardano is currently struggling to recover and compete with top cryptocurrencies like Bitcoin and Ethereum.
Live ADA/USD Chart
Cardano’s founder Charles Hoskinson has been accused of significantly reorganizing the Cardano (ADA) ledger, and the coin’s price fell 4% as a result of the allegations.
Now cleared of any wrongdoing, Hoskinson was accused of misappropriation of genesis keys to move $619 million in ADA coins. The accusations were some of the most severe that have been lodged against one of the industry’s top coin creators. Even though they have been proven false, the coin still dropped to a 2025-low of $0.8046 (ADA/USD)
Cardano underwent a third-party audit recently, and their conclusion was that Hoskinson did not misappropriate Cardano funds. Those allegations were levied in May but were later cleared on September 3rd. Now, the coin has some catching up to do.
The Impact on Cardano’s Price and Future
On Friday, the coin rebounded by 3.46% over a 24-hour period. That brought the price of ADA up to $0.8435. This came after days of severe ups and downs for the coin as the investigation neared its end. The report issued by the third-party investigators showed that all the funds that Hoskinson moved were legitimately shifted.
The initial allegations centered on supposedly missing funds, but those were all accounted for during the investigation process, in line with what the founder had been saying all along. That has not stopped the ADA token from suffering severe decline, though. In March, Cardano hit a high of $1.12 but then fell to a low of $0.541 in June as the investigation progressed.
Some of that lost ground has been made up, but the coin is still well low its 2025 highs. That is in stark contrast to Bitcoin (BTC) and Ethereum (ETH), which are both relatively high and recently high all-time highs. Now that the investigation has been finished and Hoskinson’s name cleared, Cardano has some work to do to start competing with the top ranking crypto coins.
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