PANews reported on June 11 that, according to The Defiant, on-chain tracing has once again fueled allegations that Cardano founder Charles Hoskinson sold approximately 1.5 billion ADA during the 2021 bull market. NFT creator Masato Alexander released on-chain analysis claiming that the large ADA transactions during this period have shorter paths to IOG-related staking pools, reducing the number of intermediate steps from approximately 40 to 1-7. His tracing focuses on two transactions: a transfer of 925 million ADA and nine payments of 20 million ADA each.

Hoskinson has not yet responded. The Cardano Foundation responded, stating, "Cardano has three independent founding entities: IOG, Emurgo, and the Cardano Foundation. The Foundation's mission is to advance the Cardano blockchain. We have no insight into the IOG-related transactions mentioned in Post X, nor any reason to assume unprofessional conduct by the other founding entities (including Charles himself), and believe they acted with the best intentions." ADA is currently priced at $0.1623, down 42% in the past 30 days and 94.74% from its all-time high of $3.09 in September 2021.