Charles Hoskinson, the founder of Cardano, denies being affiliated with any memecoin like Freya after his controversial tweet left many investors in huge losses.
Cardano founder Charles Hoskinson has denied affiliations with a memecoin crypto project, Freya, following a controversy that resulted in significant losses for many investors.
Hoskinson Accidentally Promotes a Memecoin
For context, Hoskinson took to X (formerly Twitter) yesterday to post an adorable photo of him and his dog named Freya.
While the Cardano founder hoped to provide an update about the growth of his furry friend, he mistakenly tagged an X account to a canine-themed token that shares the same name as his dog.
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The team behind the Cardano-native meme coin took advantage of the tweet to promote their token, $FREYA. They claimed that Hoskinson’s X post about Freya was his way of endorsing the meme-based cryptocurrency to his nearly one million followers.
FREYA Soars 800% in Minutes
These malicious claims prompted a widespread adoption of the meme coin, as its price surged tremendously by a massive 800% to $0.1342.
However, this rally only lasted for 15 minutes as the token erased all gains and plunged to $0.00847, according to data from Dexscreener. At press time, FREYA was changing hands at $0.00842.
Expectedly, aggrieved investors who suffered significant losses following the development criticized the Cardano boss, blaming him for their woes.
To prevent a recurrence of the issue, they urged him to always conduct due diligence before tagging accounts on the X platform.
Hoskinson Reacts
Reacting to the development, Hoskinson denied having any affiliation with the Cardano-native memecoin and other non-fungible token (NFT) plays.
While Hoskinson commended the idea of creating artworks inspired by his life, he pointed out that he does not endorse them and has not conducted any diligence.
Just so it’s absolutely unambiguous. I have nothing to do with fan projects like Freya or other NFT plays. It’s flattering that people make artwork about my dog or my life, but I’m not affiliated, have not done any diligence on these projects, and do not endorse them.
It’s…
— Charles Hoskinson (@IOHK_Charles) December 10, 2023
Contrary to Hoskinson’s claim, the Cardano boss had previously asked his followers about a meme-based cryptocurrency. As reported earlier, Hoskinson asked his followers to shed light on Snek (SNEK), a Cardano-native meme coin that gained significant popularity.
Although Hoskinson is known for always being meticulous, the recent development left many Cardano enthusiasts in awe.
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