Cardano Founder Denies ADA Misuse, Plans Public Audit Reveal
Cardano founder Charles Hoskinson says the long-awaited audit of Input Output Global’s (IOG) ADA holdings is nearly ready for public release, aiming for mid-August if progress stays on track.
He’s asked for additional details in the initial draft but assured the community that the process is moving swiftly.
The audit was first announced in May following accusations that IOG misused $600 million in ADA. Hoskinson strongly rejected the claims, calling them baseless and saying the remaining unclaimed tokens were donated to Intersect after years of inactivity.
The controversy was fueled by allegations from a community member who claimed Hoskinson used a “genesis key” to alter the Cardano ledger and seize control of the funds during the Allegra hard fork in 2021.
Hoskinson denied any manipulation and said he plans to livestream the report’s release, accompanied by a dedicated website to host related documentation.
Meanwhile, legal action may be in the works. Hoskinson confirmed he’s meeting with a defamation law firm to explore possible responses to the public accusations.
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
