Charles Hoskinson says he has lost more than $3 billion in crypto but has no plans to cash out, reaffirming his long-term commitment to blockchain development. Speaking in a Thursday livestream, the Cardano founder rejected the idea that he can simply ride out market turmoil because he is wealthy, saying he has already borne massive personal losses and is not driven by money or status.
Hoskinson contrasted his choices with industry figures who, he argues, have accepted questionable deals or compromises for power and profit. He credited his refusal to participate in such arrangements with helping him avoid major scandals like the FTX collapse and other controversies.
Addressing the wider crypto community, Hoskinson urged people to endure the painful market stretches and keep building: expect “red days,” he said, but focus on collaboration, learning, and finding ways to keep enjoying the work. He stressed that participants in the space are doing important work with the potential to change the world.
On Cardano specifically, Hoskinson remained optimistic about the platform’s technical and governance foundations and its path to commercialization. He pointed to ongoing development on initiatives such as Hydra, Leios, and Midnight as signs of progress despite the downturn.
Hoskinson co-founded Ethereum before leaving in 2014 and launched Cardano in 2017 through IO Global, emphasizing scientific research and sustainable blockchain design. He also spoke positively of allies in the ecosystem, including Ethereum co-founder Vitalik Buterin and Solana co-founder Anatoly Yakovenko, as partners in advancing broader crypto adoption.