Cardano Founder Criticizes the Fed Chairman’s “Crypto Scammers” Comments

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Cardano Founder Charles Criticizes the Fed chairman's
Cardano Founder Charles Criticizes the Fed chairman's "Crypto Scammers" Comments

Charles Hoskinson, the founder of Cardano, the world’s third-largest cryptocurrency, has always been an ardent supporter of the crypto community. Recently, Hoskinson attacked Minneapolis Federal Reserve Bank Governor Neil Kashkari for defying his “crypto scammers” comments.

Kashkari Criticizes Cryptocurrencies

Last week, Kashkari criticized cryptocurrencies. Kashkari said at the annual Pacific Northwest Economic Zone Summit in Big Sky, Montana:

“I was more optimistic about crypto and bitcoin five or six years ago. So far what I’ve seen is … 95% fraud, hype, noise and confusion.”

His comments caught the attention of crypto market enthusiasts. Some people said that the chairman of the Minneapolis Federal Reserve fabricated and skewed facts about cryptocurrencies. According to Stephen Stonberg, CEO of Bittrex Global, crypto is a transformative use case in practice. In addition, he claimed that cryptocurrency helped people get rid of poverty. In response to Stonberg, Kashkari said:

“Please do point me to the communities being lifted out of poverty due to crypto, other than scammers ripping off unsuspecting people in pump and dump schemes.”

Here Cardano founder Charles Hoskinson finally hit central banks. Hoskinson wrote:

“So the org that can print TRILLIONS every year and claim there is no inflation thereby devastating the poorest amongst us has an issue with sound money that cannot be manipulated by politics. I’m shocked Neel!! SHOCKED!!!”

Hoskinson Warn Cardano Investors to Beware of Scams

In its most recent live broadcast on Monday, August 23, Charles Hoskinson urged investors to be vigilant, particularly after the Alonzo hard fork planned for next month. He also urged ADA owners to watch out for scams and misinformation related to the upcoming smart contract.

Hoskinson also pointed out that ADA giveaway scams are rampant, nearly 10 times the previous month. This is because Cardano’s ADA has seen a steady rise in price lately. Cardano’s ADA price is currently at a record high of $2.92 with a market value of $93 billion. Hoskinson warned investors:

“If someone is claiming you gonna to get great returns if someone’s claiming you gonna give them your private keys or send them ADA for whatever reason, they are probably a scam…If you don’t know what to do, feel free to ask a question on cardano.org.”

Lately, Cardano investors have been very excited about the upcoming Alonzo hard fork. This is because the Alonzo hard fork brings the smart contract functionality into the Cardano blockchain. This will give Cardano plenty of opportunities to host the rapidly emerging DeFi and NFT applications. It will be interesting to see if ADA’s price can break the $3 mark in the short term.