Charles Hoskinson: Failure of Ardana is a total loss of investment!

Charles Hoskinson, co-founder of Ethereum (ETH), discusses the Ardana problem. It is a Cardano-based stablecoin project that has just ceased operation. Hoskinson says that as the original investor in the project, his investment appears to have been a total loss. He brings up complaints from Ardana which claims to have problems over the past few days.

Hoskinson does not tolerate project failure

Hoskinson was investing in Ardana projects through C Fund. Today, he thinks his funding is a pretty nasty total loss. Also, he assures that he finds very unhealthy that the managers of these projects blame Cardano for their failures. Indeed, the Ardana project unfortunately had to come to an end due to recent financial developments and the uncertainty of the project schedule.

For Ardana, depending on the Cardano (ADA) blockchain is a big “challenge”. Therefore, it would suspend its activities but keep its technology open source. This, so that builders can continue their work as they see fit.

Mismanagement by promoters

Ardana maintains that its development on Cardano was difficult and required significant funding for infrastructure, security and tools. The wisest course of action then was to halt the progress of the project due to the uncertainties surrounding its completion.

However, Charles Hoskinson believes that it is rather the management of the project that is problematic, not Cardano’s technology or the lack of money. In particular, he recalls that the funding for Ethereum amounted to 18 million dollars. However, only 9 million could be used due to market volatility. It follows then that funding was not an issue and there was no platform issue. There seemed to be a management problem.

In short, Hoskinson regrets having learned of the failure of the Ardana projects, in which he has invested heavily. For him, this is quite unpleasant and should not happen.

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