Cardano founder pressed over 1,090 missing Bitcoin
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Thomas Braziel has asked Cardano founder Charles Hoskinson to clarify the status of about 1,090 Bitcoins tied to Cardano’s early structure.
Braziel raised the issue after reviewing corporate filings connected to Cardano entities in the Isle of Man and Switzerland. His questions focus on the original Cardano Foundation and the handling of Bitcoin raised during the project’s ICO.
According to Braziel’s posts on X, Hoskinson acted as a supervisor for the original Isle of Man foundation. Braziel said the same entity held part of the funds raised during Cardano’s 2015 initial coin offering. Cardano’s genesis records showed that the project raised 108,844.5 $BTC across four rounds.
I've spent most of yesterday collecting the original Isle of Man filings relating to the earliest Cardano Foundation structure.
Trying to be as charitable and document-driven as possible, the records appear to show that the original Isle of Man foundation involved
Those rounds took place between October 2015 and January 2017, according to the records cited by Braziel. Out of that amount, about 1,090 $BTC went to the Isle of Man entity. Another 7,168 $BTC went to the Swiss-registered Cardano Foundation.
Braziel said his main question concerns the current control of the 1,090 $BTC. He raised concerns because the Isle of Man entity dissolved in December 2025. He also said public records do not clearly show who now controls those funds.
Braziel’s review also covered Cardano’s early governance structure. On June 7, 2026, he said he had identified the original 2016 Swiss board members. He named Michael Kenneth Parsons as chairman and Bruce Robert Milligan as vice chairman. Braziel then asked the Cardano community to help locate more governance records. He also said he reviewed filings connected to entities linked to Hoskinson.
According to Braziel, the review found at lea
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