Cardano’s founder, Charles Hoskinson, is not happy with the recent action over an alleged rumor of a buyback claim involving him and has revealed his willingness to seek legal redress over the biting statement.
The co-founder of Digital Assets Data, Mike Alfred, has been threatened with a lawsuit by the Input-Output CEO over a statement he made against Hoskinson that was termed “slanderous” by the latter. Alfred released a statement on his Twitter handle targeting Hoskinson about a purported buyback of a project to which Hoskinson denied knowing about it.
Hey @IOHK_Charles, have you considered maybe moving buyback support from $1.00 to 50 cents to preserve dry powder?
— Mike Alfred (@mikealfred) February 17, 2022
From his reply to Alfred, Hoskinson has vehemently denied ever having anything to do with the buyback, imploring Alfred to desist from releasing a “deceptive” statement meant to mislead the public and put the Cardano brand in a bad light.
Hoskinson Is Against Buybacks
Despite being an active player in the cryptocurrency industry, Hoskinson has a history of being a fierce critic of cryptocurrency-related buybacks in recent years. In 2029, he points out that he prefers building a new partnership to plunging his assets into buying back tokens in anticipation of short-term gains.
He would rather travel far and wide to build strategic partnerships with underdeveloped leadership to get millions of people onboard the Cardano network. And he is opposed to using his money to buy back a token with the hope that its price will appreciate in a short time to get high profits.
On the other hand, Alfred takes no prisoners when it comes to discussing Cardano, often ruling the Cardano community with his stinking opinion about Cardano. He is a highly controversial figure among the Cardano community, with members always getting riled up after every one of his remarks about the blockchain.
His most recent tweet referenced the new cryptocurrency unit launched by the FBI. He opined that law enforcement agencies should not bother to focus on the ADA because its value is going down on its own without any regulatory interference. The FBI’s cryptocurrency regulation unit should focus on other performing tokens and leave ADA out of its job because ADA is not worthy of its time.
According to Alfred, buybacks form the bulk of Cardano’s combined trading volume, which was the comment that riled up Hoskinson, hence the “slanderous” statement from him. The critic also took a dig at ADA’s price activities, claiming that the token would still be highly overvalued should it drop a further 50% of its market value at its current trading level.
Cardano has for long been viewed as a “ghost chain,” and Alfred’s previous tweet did not help matters after he tweeted that Cardano does not even exist, which sparked the ongoing narrative about Cardano’s blockchain network project.
ADA’s Price Review
After another run of poor market performance, the token is currently stuck at above the $1 mark, continuing a string of negative market trends for Cardano. It remains to be seen whether or not the ADA token can bounce back from its poor performance anytime soon.