Cardano's Price Drops 2.38% Amid Controversy Over Ethereum Address

Cardano's latest price was $0.7425, down 2.38% in the last 24 hours. The cryptocurrency has been in the spotlight recently due to a series of events that have sparked controversy and debate within its community. The controversy began with a series of posts on X on May 17, 2025, where Cardano founder Charles Hoskinson responded to recent on-chain activity and internal criticism. The focus of the controversy is an Ethereum address holding 45,000 tokens, which interacted with the Orbiter Finance voucher program. A well-known Cardano advocate, @cardano_whale, described this move as part of an orchestrated attempt to damage Cardano. Hoskinson echoed this sentiment, stating that the whale had been summoned and that both he and the whale were at their limit of tolerance for the situation.

Hoskinson further alleged that the attack was being led by someone with malicious intent toward the Cardano ecosystem. He questioned the silence of the Cardano Foundation, suggesting they were aware of the voucher activity from the beginning. Hoskinson wrote that the Cardano Foundation had intimate knowledge of the voucher sale and were regularly briefed on efforts, yet had remained silent. The Cardano Foundation has not issued a public response to these allegations. This lack of response has only fueled the speculation and criticism within the community, with many members calling for transparency and accountability from the foundation.

Internal criticism within the Cardano community has also emerged. Andreas Pletscher, a former executive linked to the Cardano Foundation, responded critically to Hoskinson’s post. Pletscher accused Hoskinson of shifting responsibility and suggested that Hoskinson should solve the issue himself or collaborate with Frederik Gregaard, the CEO of the Cardano Foundation. Hoskinson replied to Pletscher, stating that he would include all relevant logs, meeting notes, and the Cardano Foundation’s KYC report in the audit report. This exchange highlights the deep divisions within the community, with some members supporting Hoskinson and others backing the foundation.

The disagreement stems from growing scrutiny of the Orbiter Finance voucher system and its link to Cardano. Critics argue that voucher redemptions may have been misrepresented or poorly managed. Supporters, however, claim that the campaign has turned into an external attack aimed at discrediting the blockchain’s reputation. The controversy has raised questions about the transparency and governance of the Cardano ecosystem, with many community members calling for greater oversight and accountability. Further on-chain analysis of the Ethereum address that triggered the discussion has not yet confirmed any malicious intent. However, the intensity of the online exchange signals ongoing tension both within and outside the Cardano community. The situation remains fluid, with no clear resolution in sight. The community will be watching closely to see how the Cardano Foundation and Hoskinson address these issues and restore confidence in the ecosystem.