Cardano Founder Crashes NFT Project With One Tweet
Charles Hoskinson, the driving force behind Cardano's decentralized blockchain, caused a stir in the crypto market with an innocent social media post on a calm Sunday, December 10.
He shared a snapshot of himself with his dog, Freya, on a certain platform. What seemed like a simple post took an unexpected turn when an inactive account, labeled FreyaHoskinson, was tagged in the photo.
This inactive account became the focal point for opportunists who swiftly transformed it into a new NFT project named FREYA on the Cardano platform.
This sudden association led many in the crypto community to believe that Hoskinson had endorsed this emerging cryptocurrency venture, resulting in a frenzy among traders hoping for quick profits.
Consequently, the NFT connected to the project surged by a staggering 2,530%, fueling speculative enthusiasm. However, the excitement was short-lived as the token’s value plummeted by 76% within an hour, leaving traders disconcerted.
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In response to the ensuing criticism, Hoskinson promptly clarified his stance, making it clear that he had no involvement in or endorsement of the fan-created project.
He emphasized that he hadn’t conducted any due diligence on the burgeoning NFT venture. In a straightforward statement, he asserted, “I’m not affiliated…I don’t commercialize it and haven’t collaborated with anyone to do so.”
To further distance himself from the unintended chaos, Hoskinson deleted the original post featuring Freya and the mentioned account.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
