Cardano has released an investigation report concerning the redemptions of the ADA voucher program, dismissing claims of financial misconduct.
A joint audit, published on Wednesday, confirmed that 99.7% of all Cardano tokens sold pursuant to the voucher program have been successfully redeemed through the on-chain redemptions and Post-Sweep Redemption Project.
“The Investigation determined that each of the allegations related to the Topics of Investigation do not have any basis.”
Further, the investigations revealed that unclaimed ADA were allocated to Cardano Development Holdings for grants and community initiatives.
The investigation was jointly conducted by Input Output Global (IOG), global law firm McDermott, Will & Schulte and the global accounting firm BDO.
Additionally, the audit report offers a detailed account of the redemption timeline and the mechanisms in place to ensure accountability. It elaborates how the voucher distribution was managed through a structured and secure framework with transactions recorded on-chain.
Cardano Misconduct Allegations – Founder Hoskinson’s Promise Fulfilled
In May, allegations surfaced against the ecosystem’s founder, Charles Hoskinson, over manipulating the blockchain during the 2021 Allegra hard fork. He was accused of misappropriating over $600 million worth of ADA tokens.
Per the accusations, 318 million ADA, valued at around $619 million in 2021, was moved from presale addresses into the Cardano reserves.
Additionally, NFT artist Masato Alexander claimed that Hoskinson used a “genesis key” to rewrite the ledger. He argued that most of the original token holders never reclaimed their funds.
Hoskinson later promised an audit to debunk claims of misappropriation of $600 million worth ADA. He said that the Cardano Foundation will soon release an audit to counter rising criticisms.
He wrote on X at the time that the original token buyers had already redeemed most of the 350 million ADA.
In June, Hoskinson said that he received the first copy of the audit report, promising to release more details by mid-August, if there are no delays.
ADA Sees a Red Week – Bulls Believe Bullish Trajectory Ahead
ADA fell 1.27% to $0.817 over 24 hours and more than 5.7% in the past week, underperforming the broader crypto market. Per CoinMarketCap data, the native Cardano token is trading at $0.817 at press time.
The slump is attributed to whale selling, creating overhead resistance. Per on-chain data, Wallets holding 1-10M ADA reduced holdings by 0.4% since August 25.
Though ADA’s dip reflects technical weakness amplified by whale exits, several investors remain optimistic on its upcoming bullish trajectory.
One user wrote that despite minor weekly pressure, ADA has posted strong gains of +27% in 90 days and +159% over the past year.
“A decisive move above $0.85–$0.88 could trigger the next bullish leg higher.”
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