Charles Hoskinson Denies Token Hoarding Amid 1.3B NIGHT Airdrop Claims

Charles Hoskinson, founder of Cardano, has publicly addressed and denied allegations that he or any insiders hoarded tokens during the ongoing Glacier Drop airdrop for Midnight’s native token, NIGHT. The claims, which gained traction on social media platforms like X, suggested that the airdrop was underperforming and that a significant portion of the tokens had been unfairly allocated to insiders. In response, Hoskinson took to Twitter to label the narrative as misinformation and emphasized the transparency of the distribution process, which is fully visible on the blockchain [1].

According to data from the claim portal, more than 69,000 wallets have claimed over 1.3 billion NIGHT tokens, representing approximately 5.5 percent of the total supply. The airdrop, which began on August 5, will remain open for an additional 60 days until October 4. The Midnight Foundation revealed earlier in the week that over one billion tokens had already been claimed within the first seven days, indicating strong participation from retail investors [1].

The Glacier Drop is part of a three-phase distribution plan aimed at making all 24 billion NIGHT tokens claimable. Eligibility was determined through a snapshot of addresses across eight blockchain ecosystems, identifying nearly 34 million qualifying addresses. To claim their tokens, users are required to prove ownership of the original address through a signed message and provide a new Cardano address for the transfer [1].

To support institutional participation, Midnight has partnered with Fireblocks, a leading institutional-grade custody solution provider. The partnership is intended to improve the security and privacy of token management, allowing for seamless custody, storage, and interaction with NIGHT tokens. This move is expected to facilitate broader adoption among institutional investors and ensure compliance with key security and regulatory standards [1].

Despite initial technical challenges, such as compatibility issues with Ledger hardware wallets, the eligibility criteria and claim period have not changed. Midnight has also outlined future distribution strategies to ensure continued engagement, including a Scavenger Mine phase that will distribute unclaimed tokens through daily tasks, and a Lost-and-Found phase following the mainnet launch [1].

The airdrop has had a positive impact on Cardano’s ecosystem, with ADA’s price rising over 15% since the launch of the distribution. The increased on-chain activity and market optimism are attributed to the transparent and retail-focused nature of the distribution model, which excludes institutional and venture capital allocations [1].

Hoskinson has emphasized that the Midnight project represents a shift in token distribution practices within the blockchain industry, prioritizing decentralization and community-driven participation. His comments have been interpreted as a broader statement on Cardano’s commitment to fair and open governance, reinforcing the platform’s appeal to both retail and institutional investors [1].

At press time, ADA was trading at $0.875018, up 2.35 percent from the previous close [1].

Source: [1] Charles Hoskinson Refutes Midnight Token Hoarding Rumors as Airdrop Claims Hit 1.3B (https://btc-live.com/cardano-founder-refutes-midnight-token-hoarding-rumors-as-airdrop-claims-hit-1-3b/)