$696m worth of UTxOs deleted from Cardano by Charles Hoskinson

Few days ago i wrote a thread about this on twitter, thought it would be interesting to the wider crypto community: https://x.com/masatoalexander/status/1920141651344838993

Summary:
Charles Hoskinson rewrote the Cardano ledger in 2021 deleting ₳318 million ($696 million at the time) of UTxOs during the Allegra hard fork.

Using his genesis keys he removed presale (ICO) UTxOs, redirecting the funds into Cardano reserves through a function called returnRedeemAddrsToReserves, and later withdrew them via a Move Instantaneous Rewards (MIR) transaction.

AFAIK this is one of the largest irregular state transitions in blockchain history (2016 Ethereum DAO hack was ~$60m at the time?)

This was a unilateral action with no community consensus, violating the core crypto principle of "not your keys, not your crypto."

After this change, presale buyers had to use an offchain process to claim their ADA. Hoskinson claims that most funds were returned to ICO buyers and the rest used to fund IntersectMBO, but till date no evidence of this has been provided, and the onchain Txs appear are difficult to follow as they've been mixed and obfuscated.