117 Partners CEO: Hoskinson's 1,096 BTC explanation leaves bigger questions

Thomas Braziel, CEO of crypto investment and advisory firm 117 Partners, has demanded further disclosure from Cardano (ADA) founder Charles Hoskinson regarding the use of 1,096 BTC. Writing on X, Braziel noted that Hoskinson had explained the funds, originally held by the Manxem Foundation for the Cardano Foundation, were used to resolve audit procedures and related requirements concerning Michael Parsons, the foundation's former board chairman. Braziel stated that if this is true, the next step should be the release of contracts, approvals, and payment records. He emphasized that the key questions were where the 1,096 BTC went, who received it, and why. Braziel also raised further questions, pointing out that if foundation assets were used to resolve the dispute with Parsons, it is unclear why the foundation received only a portion of the economic benefits while IOHK controlled approximately 95% of the raised BTC and received billions of ADA. This follows a previous demand from Braziel for an explanation on the whereabouts of the BTC. Separately, the CEO of Anvil, a Cardano ecosystem development agency, had stated he "lost everything" after going all-in on ADA for five years.