Charles Hoskinson, the CEO of Input Output Global (IOG) has spoken about the issue regarding the Ardana, a Cardano-based stablecoin project that halted operation abruptly a few days ago.
According to Hoskinson in a new video, as an early investor in the discontinued stablecoin project, his investment now appears to be a total loss.
Hoskinson further stated that rather than taking responsibility for the failure, the Ardana management chose to blame the Cardano network.
Charles Hoskinson noted:
“I saw over the last few days some grumblings about [Ardana] having issues, and then on Twitter, a tweet came out that they have now discontinued operations, or at least they’re scaling back to the point where they’re no longer going to be able to deliver what they promised they were going to deliver.
“Now, I was an investor in [the] projects through the C fund… It looks like it is probably a total loss, and what was incredibly distasteful to me was the management of these projects blamed Cardano for their failures…
“I will remind everyone that Ethereum raised $18 million of which they only got to deploy $9 million because they lost $9 million to market volatility and they can hedge their Bitcoin properly and they delivered the second-market cryptocurrency in the world. This was not a funding issue. This was not a platform issue. It looks like it was a leadership issue…
“My understanding is, having talked to the C fund, that the first time we were informed that these projects were having trouble was through Twitter, the same time as you guys, which is utterly distasteful, and it shouldn’t happen.”
Recall that Ardana management said in a tweet on November 24 that it decided to halt the development of the project because building on the Cardano blockchain was difficult.
“Unfortunately due to recent developments with regards to funding and project timeline uncertainty, the Ardana project has had to come to a halt. Our code will remain open source for builders to continue our work going forward as they wish.
“Development on Cardano has been difficult with alot of funding going into tooling, infrastructure and security. This alongside the uncertainty around development completion has led to the best course of action being halting development of dUSD.”