Cardano (ADA) Redemption Controversy Over? Hoskinson Shares IOG Audit Results

1 hour ago

Following the arguable accusations, the results of the third-party forensic reappraisal of the Cardano (ADA) voucher redemption programme person been made public. Cardano’s founder, Charles Hoskinson, says he’s present “waiting for the apologies to travel rolling in.”

Cardano Accusations Have ‘No Basis’

On Wednesday, the Cardano assemblage celebrated aft the third-party forensic reappraisal of the ADA voucher redemption programme was published. The investigative report, conducted by instrumentality steadfast McDermott Will & Schulte and the audit steadfast BDO, determined that the allegations against Input Output Global (IOG) don’t person immoderate foundation.

“After reappraisal of tens of thousands of documents, a forensic on-chain and accepted forensic analysis, and eighteen ceremonial interviews of existent employees, erstwhile employees, Voucher Holders, work providers, assemblage members, and different 3rd parties, the Investigation determined that each of the allegations related to the Topics of Investigation bash not person immoderate basis,” the study reads.

Public accusations included 5 main allegations, including that insiders stole oregon misused ADA that should person been allocated to voucher holders and that determination were improper merchantability tactics related to the voucher program.

The claims besides accused Cardano blockchain upgrades of being designed to marque voucher redemption difficult, and deleted voucher holders’ “private keys” oregon assets. Lastly, the allegation that Cardano insiders had nary ineligible close to nonstop unredeemed ADA to CDH and determine however to walk it.

The contention emerged successful May, erstwhile Non-Fungible Token (NFT) creator Masato Alexander alleged that Charles Hoskinson had “unilaterally utilized his genesis keys to REWRITE the Cardano ledger” during the Allegra hard fork successful 2021 to instrumentality power of 318-350 cardinal ADA, astir 0.2 percent of the Initial Coin Offering (ICO) allocation that remained unclaimed years aft launch.

Hoskinson denied Alexander’s claims, arguing that 99.8% of the vouchers sold were redeemed by their archetypal buyers, portion the remaining 0.2% were “returned to the TGE and donated to Intersect done the aforesaid process that funded the Cardano Foundation.”

The Review Findings

Based connected the Investigation, McDermott Will & Schulte and BDO recovered that the sources of the nationalist allegations against IOG and Charles Hoskinson didn’t originate from unredeemed voucher holders, and they “did not place grounds indicating that Input Output oregon Sawyers turned distant immoderate imaginable Voucher Holder who possessed a valid Voucher.”

Additionally, they concluded that tenable guardrails were implemented to forestall deceptive marketing and income tactics, noting that the programme was not designed to exploit the elderly.

The audit besides revealed that 97.3% of each the vouchers, oregon 98.8% of the ADA allocated, were redeemed on-chain during the Byron era, and “substantial efforts were undertaken to origin Voucher Holders to redeem on-chain” astatine the time.

As of August 15, 2025, 99.2% of Vouchers consisting of 99.7% of each ada sold pursuant to the Voucher Program person been redeemed done the on-chain redemptions and Post-Sweep Redemption Project.

Meanwhile, the reappraisal highlighted that the voucher certificates contained redemption codes alternatively of “private keys,” refuting the accusation that these keys were aboriginal deleted. It besides concluded that Cardano insiders did not misappropriate the staking rewards from the unredeemed ADA.

Time To Move On, Says Hoskinson

Hoskinson went connected X Space to share the audit result, speechmaking the announcement of IOG’s Chief Legal Officer & Chief Policy Officer, Joel Telpner, and the enforcement summary of the 128-page document.

Cardano’s laminitis said that it’s been a “deeply frustrating” process, noting that “It’s 1 happening to onslaught my intelligence, my carnal appearance, my concern acumen, my integrity. It’s different happening to impeach maine of a crime.”

“This is over. And for the radical who stirred this pot: bash the close thing, and conscionable apologize. Have immoderate communal fucking decency arsenic a quality being. Apologize. Let’s conscionable each determination on, accidental you were wrong. Have capable integrity to bash that,” helium asked.

Hoskinson shared his anticipation that astir radical volition recognize that the accusations were taken “too far,” concluding that “Hopefully, we tin present conscionable enactment this nightmare down us.”