Cardano Founder Refutes Midnight Token Hoarding Rumors as Airdrop Claims Hit 1.3B

Cardano founder Charles Hoskinson has dismissed speculation that the Midnight token airdrop is being manipulated for insider advantage. His response came as claims for the network’s NIGHT tokens crossed 1.3 billion weeks after its launch.

Hoskinson Pushes Back Against “Hoarding” Claims

The controversy began when a meme circulating on X suggested that the majority of Midnight tokens might eventually return to Cardano founder Charles Hoskinson. The post humorously portrayed an “elephant in the room,” implying that the airdrop was struggling to attract participants.

Hoskinson was quick to respond, rejecting the claims as misinformation. He shared that the airdrop claim is going well. “Why are you spreading misinformation?” he wrote. He also attached data showing growing participation in the airdrop. According to the Glacier Drop snapshot, as of August 19, over 69,000 wallets had claimed 1.3 billion NIGHT tokens. This also represents 5.5% of the total supply.

The numbers sharply contrasted with the meme’s assertion that only a fraction of tokens had been claimed, offering Hoskinson a chance to underscore the momentum behind Midnight’s rollout.

Analysts also pointed out that in comparison to speculative projects, the adoption might seem slow. They mentioned that because the Cardano ecosystem has been neglected so far, the airdrop might not be operating as well as anticipated.

Additionally, they stated that the 60-day claim period may seem lengthy, but it guarantees equity. Since fewer people would be claiming, the remaining holders would receive larger payouts. This could bring a spike in claims in the final days.

Launched in early August, the Glacier Drop marked Midnight’s entry into the blockchain space with a strong privacy-focused narrative. Within 24 hours, claims exceeded 250 million NIGHT tokens, a figure the Cardano founder shared proudly on social media to counter skepticism about community engagement.

Midnight Network Expands Institutional Strategy

Despite rumors, Midnight is building its ecosystem through strategic partnerships. The Midnight Foundation recently announced a collaboration with Fireblocks, a top platform for securely managing and processing digital assets. This collaboration allows institutional clients to claim, store, and transact with NIGHT tokens safely.

Fireblocks also stated that supporting the Glacier Drop aligns with its goal of enabling secure participation in new blockchain systems. The company expressed its confidence in Midnight’s vision and its dedication to creating a more secure and privacy-friendly future for blockchain.

The project launched NIGHT as a Cardano Native Asset, which connects it more closely to Hoskinson’s ecosystem and encourages institutional adoption. The Glacier Drop airdrop will see XRP holders receive 5% of NIGHT’s total supply, which is 1.2 billion tokens. 50% of NIGHT’s 24 billion total supply is reserved for ADA holders. The remainder will be given to users on other chains and Bitcoin holders.

The significance of transparency in token launches is underscored by the Cardano founder’s response to the hoarding rumors. Data indicates that the crypto community is strongly in favor, despite reservations.