2 days ago
An autarkic probe commissioned by Input Output recovered nary grounds to enactment accusations of fraud oregon misconduct successful Cardano’s decade-old ADA Voucher Program, according to a forensic study released on.
The review, conducted jointly by instrumentality steadfast McDermott Will & Emery and accounting steadfast BDO, examined nationalist claims that insiders misused ADA, manipulated blockchain upgrades to artifact redemptions, oregon improperly diverted unredeemed tokens.
The 150-page report, dated Sept. 2, 2025, concluded the allegations “do not person immoderate basis.”
Redemption efforts and findings
Investigators reviewed tens of thousands of documents, carried retired blockchain and forensic analyses, and interviewed 18 radical ranging from erstwhile employees to voucher holders.
Their findings showed that 14,282 vouchers, representing 99.7% of each ADA sold successful the program, were successfully redeemed done a premix of on-chain redemptions and a follow-up betterment initiative.
Contrary to claims that aged investors were disproportionately targeted, lone 6.1% of vouchers were sold to radical implicit 65. Of those, conscionable 14 vouchers stay unredeemed.
The study said the programme included safeguards to forestall misrepresentation, and distributors who broke rules were suspended. When Cardano’s Byron-era redemption process ended successful 2017, 390 vouchers, worthy 318 cardinal ADA, remained unclaimed.
Input Output launched a “Post-Sweep Redemption Project” that deployed consultants and backstage investigators to way down voucher holders. That effort raised the wide redemption complaint to adjacent totality.
Use of unredeemed funds
The study besides addressed concerns astir unredeemed ADA. In 2023, 68.25 cardinal tokens judged improbable to beryllium redeemed were transferred to Cardano Development Holdings, a Cayman-based instauration overseen by the nonprofit Intersect.
Those funds supported ecosystem maturation done continuity contracts, grants, and assemblage projects. Intersect was formed successful July 2023 by Input Output and EMURGO, which each pledged $500,000 annually to the group’s operating budget.
The study said overmuch of the transferred ADA went toward contracts with Input Output Infrastructure, which successful crook paid subcontractors nether strict monitoring procedures.
The findings people the strongest rebuttal to long-running societal media accusations that Cardano insiders enriched themselves astatine the disbursal of aboriginal investors. Input Output said it released the afloat study to “ensure transparency” and encouraged assemblage members to reappraisal it.
The station Investigators find nary fraud successful Cardano’s decade-old voucher inaugural successful forensic report appeared archetypal connected CryptoSlate.
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