Ardana launched a fundraiser in 2021, but it shut down in late 2022 without a functioning product
Ardana claimed to be creating a stablecoin platform on Cardano, but new evidence suggests it may have lost investors’ money in bad crypto trades.In 2021, Ardana Labs claimed it would provide an innovative stablecoin platform for the Cardano network. The new project, called “Ardana,” would allow investors to lock up crypto collateral and mint fiat-pegged stablecoins, including a U.S. dollar-based token called dUSD.
without a functioning product. The development team stated that the closure was due to “funding and project timeline uncertainty.” The closure happened amid thegone bankrupt a few months earlier They claim to have identified the Kraken, Coinbase and Gate.io deposit addresses used by the Ardana team. To find these, they looked for addresses that received funds from the fundraising wallet and sent funds to a known exchange address. For example, one address in particularOnce funds were sent to a centralized exchange, determining what happened to them became more difficult. However, the team used a variety of techniques to determine with a degree of certainty where the funds went.
Peters and Detwiler cautioned that this process does not prove with certainty that the transactions were made by Motovu or a member of the Ardana team. “This is not a UTXO [unspent transaction output] trail or a ledger trail. This is not a blockchain exact trail. […] However, the time frames and amounts do correlate with each other,” Detwiler stated.
Blockchain data shows that the Target Wallet made over 1,000 transactions, most of which were interactions with DEX contracts.Xerberus claims that the on-chain behavior of the Ardana team began to change in March 2022, when the team’s wallets began “dumping” their assets onto DEXs. They continued to sell all remaining assets until November 2022, at which point the project officially announced it was closing. The funds obtained from these sales still remain in the treasury wallet.
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