Cardano Founder Denies Midnight Token Hoarding Allegations

The event underscores Cardano’s retail-first approach, rejecting venture capitalist involvement and prompting significant market engagement.

Addressing Hoarding Allegations

Hoskinson, renowned as Cardano’s founder, rejected Midnight token hoarding allegations during the Glacier airdrop. The initiative debuted during Consensus 2025 and Paris Blockchain Week 2025, emphasizing a retail-focused strategy with no allocation to insiders or VCs.

In a strategic move, Hoskinson is personally funding the project. He remarked, “Instead of doing an ICO or seeking venture funding, I will use my own personal funds to build, release, complete this project, and airdrop to those eight blockchains.” The project targets retail audiences with over 1,300,000,000 tokens already claimed across multiple blockchains including ETH and BTC holders.

Market Impact

Market observers noted a marked increase in activity following the announcement. ADA’s price surged by over 15%, reflecting the market’s optimism and enthusiasm towards the initiative. Analysts observe a rise in on-chain liquidity and activity.

Strategic Exclusion of Insiders

The project’s exclusion of insider and institutional partners sets it apart from typical airdrops. Regulatory scrutiny remains possible, yet as of now, there are no compliance reports involving SEC or CFTC interventions addressing Midnight’s privacy and governance measures.

Financially and technologically, the initiative suggests a potential shift in blockchain governance models. By focusing on cross-chain interoperability and leveraging privacy technologies, Cardano, alongside Hoskinson’s leadership, seeks to set new precedents in crypto governance trends.