Charles Hoskinson refutes insider hoarding rumors, highlighting Midnight’s NIGHT token airdrop success with over 1.3B claims by 69,000+ wallets.
Charles Hoskinson, the founder of Cardano, has denied rumors that the Midnight token airdrop is being manipulated to gain an insider advantage. He responded as the network’s NIGHT tokens eclipsed 1.3 billion in claims just weeks after their debut.
Hoskinson Rebuts Allegations of “Hoarding”
The controversy erupted when a meme on X suggested that most Midnight tokens could ultimately be returned to Cardano founder Charles Hoskinson. The post humorously depicted an “elephant in the room,” implying that the airdrop was experiencing difficulty attracting participants.
Hoskinson responded promptly by dismissing the allegations as misinformation. He disclosed that the airdrop claim is proceeding smoothly. He posed the question, “Why are you disseminating false information?” Additionally, he submitted data demonstrating an increase in participants in the airdrop. As of August 19, the Glacier Drop snapshot indicated that over 69,000 wallets had claimed 1.3 billion NIGHT tokens. This also accounts for 5.5% of the total supply.
The meme’s assertion that only a fraction of tokens had been claimed was starkly contradicted by the figures, providing Hoskinson with an opportunity to emphasize the momentum behind Midnight’s rollout.
Analysts also noted that the adoption process is slower than speculative initiatives. They stated that the airdrop may not function as effectively as anticipated due to the Cardano ecosystem’s neglect thus far.
Furthermore, they asserted that the 60-day claim period may appear extensive, but it ensures equity. The compensation for the remaining holders would be greater due to the reduced number of claims. This could result in an increase in claims during the final days.
Midnight’s entry into the blockchain sector was marked by the Glacier Drop, which was introduced in early August and features a robust privacy narrative. The Cardano founder proudly shared on social media that claims had surpassed 250 million NIGHT tokens within 24 hours to address skepticism regarding community engagement.
Midnight Network Enlarges Its Institutional Strategy
Midnight is forging strategic partnerships to expand its ecosystem, despite the allegations. The Midnight Foundation has recently announced a collaboration with Fireblocks, a leading platform for the secure management and processing of digital assets. This partnership enables institutional clients to claim, store, and transact with NIGHT tokens securely.
Fireblocks also stated that its objective of facilitating secure participation in new blockchain systems is consistent with its support of the Glacier Drop. The organization demonstrated its faith in Midnight’s vision and its commitment to establishing a blockchain future that is both secure and privacy-friendly.
The project has launched NIGHT as a Cardano Native Asset, strengthening its connection to Hoskinson’s ecosystem and promoting institutional adoption. Through the Glacier Drop airdrop, XRP holders will receive 5% of NIGHT’s total supply, 1.2 billion tokens. ADA proprietors are entitled to 50% of the 24 billion total supply of NIGHT. The remaining portion will be distributed to Bitcoin holders and users on other channels.
The Cardano founder’s response to the hoarding allegations reminds us of the importance of transparency in token launches. Despite reservations, the crypto community is strongly in favor, as evidenced by the data.
