Following the controversial accusations, the outcomes of the third-party forensic assessment of the Cardano (ADA) voucher redemption program have been made public. Cardano’s founder, Charles Hoskinson, says he’s now “ready for the apologies to come back rolling in.”
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Cardano Accusations Have ‘No Foundation’
On Wednesday, the Cardano group celebrated after the third-party forensic assessment of the ADA voucher redemption program was printed. The investigative report, performed by legislation agency McDermott Will & Schulte and the audit agency BDO, determined that the allegations towards Enter Output International (IOG) don’t have any basis.
“After assessment of tens of 1000’s of paperwork, a forensic on-chain and conventional forensic evaluation, and eighteen formal interviews of present workers, former workers, Voucher Holders, service suppliers, group members, and different third events, the Investigation decided that every of the allegations associated to the Matters of Investigation don’t have any foundation,” the report reads.
Public accusations included 5 essential allegations, together with that insiders stole or misused ADA that ought to have been allotted to voucher holders and that there have been improper sale ways associated to the voucher program.
The claims additionally accused Cardano blockchain upgrades of being designed to make voucher redemption troublesome, and deleted voucher holders’ “personal keys” or belongings. Lastly, the allegation that Cardano insiders had no authorized proper to ship unredeemed ADA to CDH and resolve the right way to spend it.
The controversy emerged in Could, when Non-Fungible Token (NFT) artist Masato Alexander alleged that Charles Hoskinson had “unilaterally used his genesis keys to REWRITE the Cardano ledger” in the course of the Allegra arduous fork in 2021 to take management of 318-350 million ADA, about 0.2 % of the Preliminary Coin Providing (ICO) allocation that remained unclaimed years after launch.
Hoskinson denied Alexander’s claims, arguing that 99.8% of the vouchers bought had been redeemed by their unique consumers, whereas the remaining 0.2% had been “returned to the TGE and donated to Intersect by the identical course of that funded the Cardano Basis.”
The Evaluation Findings
Primarily based on the Investigation, McDermott Will & Schulte and BDO discovered that the sources of the general public allegations towards IOG and Charles Hoskinson didn’t originate from unredeemed voucher holders, they usually “didn’t establish proof indicating that Enter Output or Sawyers turned away any potential Voucher Holder who possessed a legitimate Voucher.”
Moreover, they concluded that cheap guardrails had been carried out to forestall misleading marketing and gross sales ways, noting that this system was not designed to take advantage of the aged.
The audit additionally revealed that 97.3% of all of the vouchers, or 98.8% of the ADA allotted, had been redeemed on-chain in the course of the Byron period, and “substantial efforts had been undertaken to trigger Voucher Holders to redeem on-chain” on the time.
As of August 15, 2025, 99.2% of Vouchers consisting of 99.7% of all ada bought pursuant to the Voucher Program have been redeemed by the on-chain redemptions and Publish-Sweep Redemption Venture.
In the meantime, the assessment highlighted that the voucher certificates contained redemption codes as a substitute of “personal keys,” refuting the accusation that these keys had been later deleted. It additionally concluded that Cardano insiders didn’t misappropriate the staking rewards from the unredeemed ADA.
Time To Transfer On, Says Hoskinson
Hoskinson went on X House to share the audit consequence, studying the announcement of IOG’s Chief Authorized Officer & Chief Coverage Officer, Joel Telpner, and the manager abstract of the 128-page doc.
Cardano’s founder stated that it’s been a “deeply irritating” course of, noting that “It’s one factor to assault my intelligence, my bodily look, my enterprise acumen, my integrity. It’s one other factor to accuse me of against the law.”
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“That is over. And for the individuals who stirred this pot: do the best factor, and simply apologize. Have some widespread fucking decency as a human being. Apologize. Let’s simply all transfer on, say you had been mistaken. Have sufficient integrity to try this,” he asked.
Hoskinson shared his hope that most individuals will understand that the accusations had been taken “too far,” concluding that “Hopefully, we are able to now simply put this nightmare behind us.”
Featured Picture from Unsplash.com, Chart from TradingView.com
