Charles Hoskinson Burns 900 Billion 'Charles' Tokens in Live Crypto Protest
1min read Cardano founder Charles Hoskinson recently took an unexpected turn in the cryptocurrency world by destroying 900 billion 'Charles' tokens in a live burn. The tokens, created by the community in his name, gained significant traction and were heavily traded in the crypto market.
Hoskinson expressed his frustration with the creation of the meme token, which he deemed worthless due to the lack of liquidity. He found himself holding a staggering 900 billion of these tokens after inadvertently exposing his backup wallet during a demonstration. Instead of ignoring the situation, Hoskinson decided to take matters into his own hands and burn the entire supply of the token.
Using a script developed with the help of his team, Hoskinson transferred all the tokens to a burner address, effectively destroying them. The burn transaction was completed live on the stream, with Hoskinson humorously acknowledging that he had just wiped out $80 million in book value. He remarked that it cost him just 1.42 ADA to destroy the tokens and that it was his way of demonstrating his incorruptibility, stating that he would never try to profit from the situation.
Hoskinson's bold move was a statement against the unpredictable and often chaotic nature of the cryptocurrency space, as well as a reminder to the community that certain actions, like creating unsolicited tokens, come with consequences. The Cardano founder wrapped up the broadcast with a message: "Don’t do that again."
