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03/28/2024

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Cardano's Charles Hoskinson Defends ADA & Ripple Against Forbes "Zombie" Tag

Story Highlights Cardano Founder Charles Hoskinson reacted to the Forbes article that labeled 20 blockchains as "crypto zombies." XRP attorney Bill Morgan also joined the spree and defended Ripple. The...

Cardano's Charles Hoskinson Defends ADA & Ripple Against Forbes "Zombie" Tag

Story Highlights

  • Cardano Founder Charles Hoskinson reacted to the Forbes article that labeled 20 blockchains as "crypto zombies."
  • XRP attorney Bill Morgan also joined the spree and defended Ripple.
  • The Forbes article attracted backlash from the Web3 community for labeling crypto founders as "lunatics."

In response to a recent Forbes article dubbing 20 blockchains as “Crypto Zombies,” Cardano founder Charles Hoskinson took a stand. In addition, XRP lawyer Bill Morgan, and Anodos Finance Co-founder Panos Mekras have joined the crypto community’s frenzy. Moreover, they vehemently defending their respective projects against the allegations made by Forbes.

Cardano Founder Defends ADA & XRP

Hoskinson, taking to Twitter, humorously slashed the tag of ‘Crypto Zombies’ bestowed by Forbes. He took to X and tagged the affected parties, including Ripple, Tezos, Bitcoin Cash and refuted Forbes’ claims. The Cardano Founder employed his wits and wrote, “I guess it’s because we have brains.”

This playful remark reiterated his confidence in Cardano’s viability amidst the crypto landscape. While he didn’t exclusively mention XRP, ADA, BCH, or any other crypto, his comment was directed to the defense of the entire Web3 community affected by these allegations. Moreover, several stakeholders came to his support.

On the other hand, XRP lawyer Bill Morgan jumped into the fray, sternly defending Ripple against the allegations. Moreover, he emphasized the continued faith in Ripple’s utility despite regulatory challenges. He wrote, “The Zombie chain the SEC alleges more than 80 institutions signed with Ripple to utilize since the Ripple lawsuit commenced despite the chilling effect of the lawsuit on Ripple’s business in the US.”

Echoing the sentiment, Anodos Finance Co-founder Mekras criticized Forbes for spreading what he called “nonsense and misinformation.” He lamented the lack of basic research evident in Forbes’ piece. In addition, Mekras shed light on the dissemination of misinformation being prevalent in mainstream media narratives when it comes to the crypto industry.

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Also Read: How Lower Top Formation Puts Cardano Price at Risk of Losing $0.5 Support

What Did The Forbes Article Talk About?

The Forbes article, authored by Steven Ehrlich, Maria Gracia Santillana Linares, and Nina Bambysheva, scrutinized several prominent blockchains, including Ripple, Bitcoin Cash, and Cardano. The article explained Ripple’s journey from its inception. Moreover, it highlighted Ripple’s ambitious goals of revolutionizing global financial transactions.

However, despite initial traction with financial institutions, the article contended that Ripple’s blockchain now operates without substantial utility, earning it the label of a “crypto zombie.” Moreover, the article scrutinized Cardano, depicting it as a blockchain with lofty ambitions led by its Co-founder Charles Hoskinson. While acknowledging its impressive market capitalization, Forbes questioned Cardano’s tangible utility.

In addition, it raised concerns about its developmental stages, leaving room for speculation regarding its future trajectory. Moreover, Forbes alleged that Hoskinson is the “main attraction” when it comes to ADA and not the blockchain itself. They noted that the co-founder’s popularity fuelled Cardano’s successful adoption and that it has no utility of its own.

In the broader context, Forbes’ investigation revealed that a significant number of blockchains, beyond Bitcoin and Ethereum, are trading at values surpassing $1 billion. However, it asserted that 20 of these blockchains lack substantial traction and utility, leading to their characterization as “functional zombies.” The article underscored the challenges faced by these blockchains, ranging from technical limitations to governance issues.

Additionally, it questioned their long-term sustainability in the rapidly evolving crypto landscape. Lastly, it concluded, “Buyer beware. The lunatics are running the crypto asylum.” This remark irked the crypto community as they stood firmly against such accusations.

Also Read: Ripple Vs. SEC: Jeremy Hogan Critiques SEC’s $2 Billion Claim

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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