- Audit finds no evidence of fund misuse in Cardano’s ADA Voucher Program, clearing Hoskinson of long-standing claims.
- 99.7% of vouchers were redeemed, with “missing” tokens moved to reserves and tracked through a redemption project.
- Hoskinson calls for apologies, while hinting at a Cardano-based USD1 stablecoin launch.
Cardano’s founder, Charles Hoskinson, has finally fired back at critics after a long-awaited audit dismissed months of swirling allegations. The audit, focused on Cardano’s ADA Voucher Program, found no evidence of fund misuse, directly countering claims that insiders had diverted tokens or tampered with blockchain upgrades.
Hoskinson Pushes Back at Critics
Hoskinson, who has been on the receiving end of harsh accusations across social media, didn’t hold back when the findings dropped. Posting on X, he wrote: “Waiting for the apologies to come rolling in.” The remark captured his frustration over what he’s long described as baseless, even fabricated, stories designed to damage his reputation.
The accusations had been heavy. Some critics claimed tokens for voucher holders were redirected, that aggressive sales tactics were used, and that upgrades were manipulated to block redemptions. The most sensational claim? That Hoskinson rewrote the ledger during Cardano’s 2021 Allegra hard fork to seize $619 million. Hoskinson immediately denied this, saying funds were instead moved into a custodial account under the Token Generation Event.
Audit Clears the “Missing ADA”
To settle the issue, law firm McDermott, Will & Schulte, alongside BDO accountants, produced a 128-page report. The audit found every major allegation lacking merit, affirming that the Voucher Program was carried out according to its terms.
Out of 14,282 vouchers, 99.7% were successfully redeemed. Safeguards were in place to stop misrepresentation, and distributors who violated terms faced action. As for the so-called “missing” 318 million ADA? The audit showed those tokens were moved into reserves after the Byron era ended, with a Post-Sweep Redemption Project created to handle unclaimed coupons.
In short, nearly all eligible buyers got their ADA. No genesis key theft. No diversion. No ledger rewrites.
Rebuilding Trust in Cardano
Hoskinson has consistently labeled the accusations as smear campaigns. He had promised back in July that the audit would be made public, though its release was delayed for further checks before arriving in September.
Now that the air is clearer, the findings could ease some investor concerns. In fact, Hoskinson has already shifted focus to Cardano’s future, hinting at a USD1 stablecoin launch on the network—a move that could boost its DeFi ecosystem.
He stressed that the audit reinforced the credibility of Input Output Global (IOG), Cardano’s core development firm, and proved once again that ADA is among the most transparent blockchain projects out there.
