Connect with us
DAPA Banner

Crypto World

Cardano (ADA) Creator Charles Hoskinson Denies Event-Driven Approach as ADA Lags

Published

on

Crypto Breaking News

Key Insights

  • Charles Hoskinson suggests community centers as the way to achieve sustainable growth instead of expensive crypto conferences.
  • The Cardano (ADA) community declined a plan to spend 14 million ADA on hosting large-scale international events.
  • ADA lacks momentum even amid constant efforts of ecosystem expansion and cross-chain integrations.

Cardano Moves Away from Media Attention Towards Long-Term Growth

Cardano (ADA) becomes the focus point for a discussion on governance, with the coin’s creator, Charles Hoskinson, questioning the necessity of major crypto conferences.

As ADA has been struggling to make any significant progress in price action terms, the topic of discussion has moved away from media appearances to the issue of the optimal use of funds accumulated in the treasury to achieve the greatest possible growth of the ecosystem.

According to Hoskinson, appearances at conferences and participating in cryptocurrency-related events is not what can help users develop their interest in the project. He claims that, at this stage of Cardano’s development, there is nothing more important than fostering regular and valuable participation in the community.

This comes against the backdrop of ADA trading near $0.2383 as the bearish sentiment persists in the market.

Hoskinson Proposes Development of Community Hubs Instead of Global Events

Instead of investing money in costly global events, Charles Hoskinson has started a new initiative of developing community hubs across many cities around the world. The main aim behind such an initiative is that the developer community can get together on a consistent basis to foster innovations and learning.

Advertisement

As per the initiative, there would be regular meetups, hackathons, and startup incubation camps organized to create a pipeline of developers and startups. Already one example of such a community hub is in the city of Buenos Aires where there are about 100-200 participants every single event.

As the community hubs have been planned to be hosted bi-monthly, there would be no shortage of activities at all for interested participants. Such events can provide sustainable benefits compared to global events which cannot offer any long-lasting connections and benefits.

Community Rejects Proposing Spending of 14 Million ADA on Event

A more heated discussion began following the community vote on allocating 14 million ADA on hosting crypto events. These included attendance at international conventions such as TOKEN2049 in Singapore and upcoming Cardano summits.

Nonetheless, this proposal was eventually voted against by the community. This was because the representatives in charge of governance had raised objections regarding the ROI of investing in such events.

Advertisement

Many agreed that such money could have been much more wisely spent on activities fostering ecosystem development. It is worth noting that this trend signifies an increase in decentralized governance among the Cardano (ADA) blockchain platform.

Expansion of the Ecosystem via Cross-Chain Strategy

Even amid the current difficulties, Charles Hoskinson still sees a bright future for Cardano. The founder has not stopped talking about the importance of increasing the number of users and introducing new features such as cross-chain connections.

One of the projects which is expected to be a part of the cross-chain strategy of Cardano is Midnight. The goal of the protocol is to attract people who currently use other blockchains, including Bitcoin, Solana, and XRP.

Such an initiative might lead to the further development of decentralized finance solutions and improve adoption rates.

Advertisement

Prospects: Adoption vs Price Growth

Despite efforts directed at expanding the ecosystem, the prices of ADA have demonstrated poor results compared to those of the competition. In general, analysts have different expectations regarding the future of this project.

There are those who think that the current strategies related to infrastructure development and increased participation in it from developers are bound to eventually boost prices. At the same time, others have their concerns regarding lackluster metrics and overall market environment.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

Advertisement

Source link

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

DOJ opens $40 million OneCoin victim claims after $4 billion global crypto fraud

Published

on

U.S. DOJ hits Paxful for $4 million in case tied to illegal sex work, money laundering

Victims of the OneCoin $4 billion fraud scheme can now seek compensation through a $40 million fund of seized assets, the U.S. Department of Justice (DOJ) announced on Monday.

Between 2014 and 2019, Ignatova and Karl Sebastian Greenwood, co-founders of OneCoin Ltd. (OneCoin), and others operated an international cryptocurrency investment scheme defrauding up to 3.4 million investors from around the globe, the DOJ said.

The Sofia, Bulgaria-based operation marketed and sold a fraudulent crypto by the same name through a global multi-level-marketing (MLM) network.

Victims worldwide invested over $4 billion worldwide in the fraudulent cryptocurrency which operated through a network of promoters, who solicited investments in return for purported tokens, but notably did not actually involve any cryptocurrencies nor did OneCoin exist on any blockchain.

Advertisement

The ponzi scheme, which the DOJ called “one of the largest global fraud schemes in history”, collapsed in 2017, after Ignatova and her team were found to have manipulated OneCoin’s perceived value through the automatic generation of new coins.

In June 2024, the DOJ offered a new $5 million reward for the missing Cryptqueen. Greenwood, who allegedly called the investors “idiots”, admitted to federal wire fraud and money laundering charges in 2022.

“OneCoin’s founders sold a lie disguised as cryptocurrency, costing victims more than $4 billion worldwide,” said U.S. Attorney Jay Clayton for the Southern District of New York. He also said the DOJ would continue working to seize criminal proceeds and prioritize getting money back into the hands of victims.

The compensation process for OneCoin comes roughly four weeks after the FTX Recovery Trust announced it would distribute $2.2 billion to creditors in its fourth payout under the exchange’s Chapter 11 plan. Earlier rounds totalled more than $6 billion as part of a process aimed at recovering assets for users of the once-prominent crypto trading platform, which collapsed in November 2022, triggering a steep crypto bear market.

Advertisement

Source link

Continue Reading

Crypto World

Fed Chair Nominee Discloses Holdings in Crypto and AI

Published

on

Federal Reserve, Government, Donald Trump, Cryptocurrency Investment

Update (April 14 7:51 PM UTC): This article has been updated to with date of nomination hearing.

Kevin Warsh, US President Donald Trump’s pick to lead the Federal Reserve to replace Chair Jerome Powell, has reported millions of dollars in assets ahead of his confirmation hearing, including investments in crypto and AI companies.

In a filing with the US Office of Government Ethics, Warsh reported Excepted Investment Funds (EIFs) in Compound, Dapper Labs, Kinetic, as well as AI companies Delphi, Conversion, Factory, Glue and others ahead of his confirmation hearing in the Senate.

While the prospective Fed chair’s assets amounted to more than $100 million, none of his crypto and AI investments included a value range, Reuters reported on Tuesday.

Advertisement
Federal Reserve, Government, Donald Trump, Cryptocurrency Investment
Sample of Kevin Warsh’s asset disclosure forms. Source: US Office of Government Ethics

It’s unclear why the value of the crypto and AI investments were not included in the disclosures, but the ethics’ office rules do not require reporting for assets under $1,000. Among the biggest disclosures were more than $50 million in the Juggernaut Fund and more than $10 million in income from consulting fees for Duquesne Family Office, the investment firm of Stanley Druckenmiller.

Trump announced Warsh as his pick to lead the US central bank in January, but only formally advanced his name to the Senate in March following numerous threats to oust Powell. Whoever heads the Fed has significant influence over US financial policy, including federal interest rates.

Related: Deutsche Börse invests $200 million in Kraken parent Payward

Powell’s second four-year term as chair ends on May 15. The Senate Banking Committee announced Tuesday afternoon that it will hold a hearing on Warsh’s nomination to replace the Fed chair on April 21.

Trump still hasn’t announced key nominations for financial agencies

While the Senate Banking Committee may soon consider Warsh’s nomination, Trump has not signaled that he plans to announce additional picks for commissioners at the Securities and Exchange Commission (SEC) or Commodity Futures Trading Commission (CFTC), both of which have empty leadership seats at a crucial time for digital asset regulation.

Advertisement

The SEC currently has only three out of five commissioners in its leadership — all Republicans — while another Republican, Michael Selig, is the sole commissioner at the CFTC, where four remaining slots are unfilled. Both regulatory agencies are expected to play significant roles in digital asset regulation should the Senate pass a crypto market structure bill that has been stalled in the chamber since July 2025.

Magazine: Singapore is no ‘crypto hub’ — but it is serious about stablecoins: StraitX CEO