Theranos was a massive scam project initiated by 19-year old Elizabeth Holmes. Holmes initiated a biotechnology project that promised to revolutionize the blood-testing industry. She was able to gather hundreds of millions in funds from major financial investors. However, her project never bore any real fruit and remained very secretive.
Eventually, the Securities and Exchange Commission intercepted the operations and charged Holmes with a lawsuit. In January this year, Holmes was found guilty of scamming investors. Cardano, a blockchain project, has been facing similar allegations on social media platforms. Cardano founder Charles Hoskinson recently issued a statement to respond.
Charles Hoskinson decided to address the Theranos allegations postulates that the issue is big enough for the network founder to talk about. Hoskinson recently exclaimed that the Cardano network is an open-sourced project that anyone can check at any given time. He further explained that projects like Mina Protocol and Polkadot have taken reference from the Cardano whitepapers.
He clarified that if the Cardano network was a scam it would keep its procedures secret and would not share any details with its developers and users. However, recently Cardano network has decided to affiliate with Metaverse which is notoriously criticized by the IT community. Hoskinson claimed that Holmes was able to get away with the massive scam since people were eager for a female Steve Jobs.
In recent weeks, an antagonist movement against the Cardano network has gained traction on social media platforms. The detractors are alleging that Cardano is vaporware and using intense hype techniques to remain afloat. However, Hoskison retorts that recently trading volume at the Cardano blockchain surpassed Bitcoin and Ethereum activity.
Crypto market analysts at Finders recently claimed that the ADA token has a chance to reach $2.79 before the end of the current year. On the other hand, Cardano network developers are working on launching their second DEX project this month.