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Cardano Founder Claims He Rejected El Salvador Proposal Over Gang Links
Cardano founder Charles Hoskinson has alleged that he walked away from a potential deal to implement Cardano in El Salvador in 2021, citing concerns over the government’s plan to airdrop cryptocurrency directly to citizens, including members of the notorious MS-13 gang.
In a recent interview on the Shawn Ryan Show, Hoskinson detailed a chaotic week of discussions with President Nayib Bukele’s administration, claiming the proposed airdrop risked violating U.S. sanctions and drawing severe backlash from Washington.
Chaotic Encounters
Hoskinson painted a picture of disarray within the Salvadoran government during a 2021 visit to the country.
He described meetings with eccentric officials, including a Minister of Energy who declared, “The power of magma will be the destiny of El Salvador,” as plans for a geothermal-powered Bitcoin mining hub were pitched.
According to the blockchain innovator, the implementation strategies for the national adoption of BTC in El Salvador lacked structure, with officials allegedly using WhatsApp and Facebook speeches from President Bukele as informal policy guides.
However, the pivotal issue emerged during U.S. consultations. Hoskinson claimed discussions revealed Bukele’s intent for a universal airdrop, which he argued would funnel cryptocurrency to MS-13, designated a Transnational Criminal Organization by the U.S. Office of Foreign Assets Control (OFAC).
He also added that coordination with U.S. authorities proved impossible, particularly under the Biden administration, which he claimed adopted a “regime change” stance towards Bukele.
Despite the withdrawal, El Salvador pressed forward with Bitcoin, making it legal tender and launching the government-backed Chivo wallet.
Hoskinson admitted that the move was historic, with the Central American nation currently holding 6,230 BTC worth about $679 million.
Market Reaction
The explosive claims elicited swift skepticism, with Bitcoin advocate Cory Bates questioning the narrative’s accuracy:
Pseudonymous analyst The Bitcoin Therapist was more blunt, calling it the “dumbest sh*t I’ve ever heard.”
Neither Bukele’s administration nor U.S. officials have publicly verified Hoskinson’s account.
Meanwhile, Cardano’s native ADA token is showing modest resilience. At the time of this writing, it was trading at $0.5768, up 2.0% in the last seven days to slightly outperform the broader crypto market.
However, it remains down 12.5% over the last month and significantly lags its September 2021 all-time high of $3.09.