Ethereum (ETH) co-founder Charles Hoskinson is addressing the issue concerning Ardana, a Cardano-based stablecoin project that recently halted operations.

In a new video update, Hoskinson says that as an early investor in the project, his investment appears to be a total loss.

I saw over the last few days some grumblings about [Ardana] having issues, and then on Twitter, [a] tweet came out that they have now discontinued operations, or at least they’re scaling back to the point where they’re no longer going to be able to deliver what they promised they were going to deliver.

Now, I was an investor in [the] projects through the C fund… It looks like it is probably a total loss, and what was incredibly distasteful to me was the management of these projects blamed Cardano for their failures.”