Despite Criticism, Cardano (ADA) Founder Tries to protect CoinDesk Takeover Plans


The inventor of Cardano criticized a magazine that questioned his desire to purchase Coindesk.

Charles Hoskinson, the inventor of Cardano, recently resorted to Twitter to criticize the media publication Protos for its criticism of his desire to purchase the cryptocurrency news site CoinDesk.

According to U.Today, Hoskinson, the CEO of Input Output, has lately discussed the notion of purchasing CoinDesk.

CoinDek’s parent business, Digital Currency Group, is apparently embroiled in a significant crisis, prompting the media firm to purportedly seek a new buyer. According to U.Today, several investment bankers are apparently prepared to pay up to $200 million.

Hoskinson, who has a long-standing interest in media and journalism, stated a desire to purchase CoinDesk in order to “restore journalistic integrity.” In addition, he wanted to investigate the notion of “veracity bonds,” which he thinks would make it simpler to hold journalists responsible for publishing false material.

However, journalists and industry professionals regard the concept of “veracity bonds” as a potentially risky and damaging approach to the practice of journalism.

Furthermore, he proposed converting items into non-fungible tokens (NFTs), a suggestion that may have limited use in practice.

The last issue is whether Hoskinson can afford CoinDesk. Hoskinson’s own net worth is believed to be between $500 and $600 million, which would make it difficult for him to purchase Coindesk.

Despite this, some industry insiders believe Hoskinson may seek the assistance of outside investors, similar to how Elon Musk sought the assistance of Larry Ellison, the Saudi royal family, and Binance CEO Changpeng Zhao (CZ) to purchase Twitter.

However, many members of the journalism and cryptocurrency communities argue that CoinDesk should not be bought by such a controversial guy because he may not be devoted to maintaining the publication’s journalistic integrity. In conclusion, the future of CoinDesk and its position in the cryptocurrency business are unknown.

Also Read: Tesla maintained its Bitcoin holdings in Q4 amid market volatility

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