In a surprising turn of events, Charles Hoskinson, the visionary behind the decentralized blockchain Cardano, inadvertently caused a wild rollercoaster in the crypto market.
On a serene Sunday, December 10, Hoskinson innocently shared a snapshot of himself and his four-legged companion Freya on the social network X. This ordinary post, which seemed seemingly innocuous, took an unexpected turn.
The twist came in the form of an inactive account tagged in the post, with the name FreyaHoskinson. Opportunists quickly seized the moment and transformed the dormant account into the center of a new NFT project on Cardano, aptly named FREYA.
Almost immediately, the illusion was cast over the crypto community that Hoskinson had given his approval to this newly emerging cryptocurrency venture, causing a frenetic wave of excitement among eager traders anticipating quick profits.
The NFT tied to the project rose as much as 2,530%, sparking a speculative frenzy. But just as quickly as the rise occurred, a sharp decline followed. Within the next hour, half of the token’s value plummeted by as much as 76%, leaving traders stunned and frustrated.
Faced with the storm of criticism that followed, Hoskinson addressed the situation immediately. In unequivocal terms, he distanced himself from the fan-created project and emphasized that he had not endorsed the fast-growing NFT business or conducted any due diligence.
In a candid statement, he claimed: “I am not affiliated with it… I do not commercialize it and have not worked with anyone to do so.”
To make things even more exciting, Hoskinson deleted the original post featuring Freya and the now infamous account mention, distancing himself from the unintentional chaos that followed.