In his latest work live feed Titled “Charge Cults and the Reality of Cryptocurrencies,” Cardano founder Charles Hoskinson gave an extensive speech on what he sees as the current state of digital assets, community behavior, and the ongoing legal battles in the sector. The discussion covered the history of the industry, the fate of long-forgotten projects, and the sometimes troubling culture that can arise around some tokens.
Cardano founder speaks out about HEX
Hoskinson, broadcasting from Colorado, began by explaining his recent return to his ranch and expressing his excitement at the nearing completion of construction. He quickly shifted his focus to a broader assessment of the cryptocurrency landscape, noting that tens of thousands of cryptocurrency projects exist and that new projects emerge frequently, while old projects fade away or even reawaken.
“As many of you know, there are probably over 30,000 cryptocurrency projects,” Hoskinson said. “We pay attention to about 50 to 100 at any given time that are interesting in the novel.” He classified most projects into three groups: failed or vanished projects (e.g., Peercoin, NXT, Feathercoin), projects that were outright scams (e.g., BitConnect, Celsius, Luna) and the third group, projects considered “curiosities.” Unusual communities and unconventional approaches to symbology, marketing or culture.
From this framework, the Cardano founder focused on how some projects – which he described as the “third bucket” – tend to behave. He pointed to Hex and PulseChain as examples, emphasizing that those communities have repeatedly asked for his input in Ask Me Anything (AMA) sessions. “Every AMA I’ve done over the last probably five years […] There was at least one person saying: What do you think of Richard Hart? What do you think about PulseChain? What do you think about Hex?
He stated that, technically speaking, he was still largely uninterested: “I don’t know much about it […] Aside from the fact that I know Richard Hart is an incredibly pompous and unusual person who buys a lot of luxury goods […] She appears to have a popular YouTube channel.
Although guilt or innocence has not been determined, Hoskinson confirmed that the SEC had filed a personal suit against Hart for fraud and embezzlement of $12.1 million. Contrast this situation with the SEC’s ongoing cases against companies like Coinbase, Binance, and Kraken, which focus on whether certain assets are securities:
“Cases like the one against Richard are different and will continue,” he said, also noting that the SEC complaint includes allegations of personal misconduct and misuse of funds, not just token rating questions.
Hoskinson also mentioned reports of an Interpol Red Notice linked to Hart, along with allegations of tax evasion in Finland and an assault case. He cited this as evidence that the situation goes beyond civil disputes and may require coordination from the IRS and the U.S. Department of Justice in criminal matters.
“There is a Red Notice from Interpol […] “This is undeniable and indisputable,” the Cardano founder asserted, though he acknowledged that some within these communities believe the charges are fabricated.
After revisiting these details, Hoskinson revealed that he was bombarded with accusatory comments and tweets from some PulseChain and Hex supporters. He said their aggressive approach ultimately discouraged any possibility of cooperation: “You will achieve absolutely nothing by further harassment.” […] All I have achieved is that whatever slight interest I might have had in actually looking at your ecosystem is now gone.
He then drew parallels with cryptocurrency founders or other figures who, in his opinion, promote controversial communities – specifically comparing the situation with Craig Wright and his Bitcoin SV (BSV) supporters: “This is what happened in the BSV community with Craig. We all saw it.” [… ] And honestly, ask yourself, how many people wake up today and say, “Boy, I can’t wait to build my next project on BSV”?
Hoskinson concluded with what he considered “unsolicited advice,” urging these communities to evaluate what kind of ecosystems they want to become — independent of their founders — and whether the current approach will strengthen partnerships or repel potential collaborators. “If you’re truly a cryptocurrency and you’re truly decentralized, you have to be self-governing and you have to be different from your founder,” he said. “If so, you have to ask yourself again what kind of ecosystem do you want to be?”
Despite the harsh tone, Hoskinson wished the communities good luck, stressing that Cardano itself intends to remain neutral and not involved: “I have nothing against anyone in the PulseChain community, the Hex community […] I don’t care about your ecosystem,” he said, adding that he would not be involved further in the issue.
At press time, Cardano was trading at $0.95.
Featured image from YouTube, chart from TradingView.com