March 27, 2024
Cardano Creator Denies Links to Freya and Other NFT Projects

Cardano Creator Denies Links to Freya and Other NFT Projects

In a recent turn of events, Charles Hoskinson, the founder of Cardano, finds himself entangled in a controversy surrounding the Cardano-native meme-coin, Freya. Hoskinson took to X (formerly Twitter) to share a photo of his dog named Freya, intending to provide a lighthearted update about his furry companion. However, the innocent post took an unexpected turn when Hoskinson inadvertently tagged an X account associated with a canine-themed token named $FREYA.

Seizing the opportunity, the team behind the meme-coin claimed that Hoskinson’s X post about Freya endorsed their cryptocurrency. This led to a sudden and drastic surge in the price of $FREYA by a staggering 800%, reaching $0.1342. Unfortunately, the rally was short-lived, and the token quickly retraced its gains, plummeting to $0.00847 within 15 minutes.

Investors who experienced significant losses following the volatile price action criticized Hoskinson, attributing their misfortune to his inadvertent endorsement. Urging him to exercise caution when tagging accounts on the X platform, they sought accountability and called for due diligence.

In response, Hoskinson vehemently denied affiliation with the Cardano-native memecoin, Freya, and other non-fungible token (NFT) plays. While acknowledging the community’s concerns, he clarified that while he appreciates the creation of artworks inspired by his life, he neither endorses nor commercially capitalizes on them. Hoskinson emphasized that he hasn’t engaged in any collaborations for such purposes.

Despite Hoskinson’s assertion of non-affiliation, some users pointed out a previous instance where he inquired about Snek (SNEK), another Cardano-native meme coin. The recent controversy has left many Cardano enthusiasts surprised, considering Hoskinson’s reputation for meticulousness. The incident serves as a cautionary tale about the potential impact of social media endorsements on the cryptocurrency market.

Image: Freepik

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