Audit indicates Cardano redemption allegations may lack basis, reports most ADA vouchers were redeemed

• Audit conclusion: no fraud or misuse found

• 99.2% of vouchers redeemed; remaining ADA redirected to treasury

• Independent forensic review conducted by accounting and legal firms; key figures publicly quoted

Cardano redemption audit clears misuse claims: 99.2% vouchers redeemed and remaining ADA routed to treasury. Read verified findings and expert responses—learn the implications now.

What is the Cardano redemption audit and what did it confirm?

The Cardano redemption audit is an independent forensic review commissioned to examine voucher redemptions and ledger activity tied to a presale in Japan. The audit found no evidence of fraud or deliberate blocking and confirmed that 99.2% of vouchers were successfully redeemed, representing 25.85 billion ADA.

How did the audit reach its conclusions and who performed it?

The audit combined accounting and legal expertise. Accounting firm BDO and law firm McDermott Will & Emery (named as participants in the review) analyzed transaction logs, voucher records and ledger data to reconcile redemptions. Input Output’s chief legal officer, Joel Telpner, described the review as a forensic accounting-level reconciliation.

The review compared voucher issuance to on-chain redemption events and cross-checked buyer demographics. It found no systemic obstruction of redemptions and determined that the small percentage of unredeemed vouchers was redirected to Cardano’s treasury per protocol rules.

Why did the controversy arise and what were the original accusations?

The controversy began when NFT artist Masato Alexander publicly accused Charles Hoskinson of using a “genesis key” to seize 318 million unredeemed ADA tokens. The allegation suggested insiders manipulated ledger states to prevent voucher holders from redeeming ADA.

Charles Hoskinson strongly denied wrongdoing and stated that the majority of vouchers had been redeemed. The subsequent independent audit was commissioned to provide a transparent reconciliation of events and settle the dispute.

What did the audit data show? — Quick facts and figures

The forensic review reported:

• 14,282 vouchers redeemed — representing 99.2% of issued vouchers.
• 25.85 billion ADA tokens redeemed in total.
• No evidence of deliberate blocking or targeted misuse of redemptions.

When were the audit findings published and what did key spokespeople say?

The audit findings were published following an independent review initiated after public accusations in May. Joel Telpner, Input Output’s chief legal officer, said the forensic audit “did not find a basis” for the accusations. Charles Hoskinson called the allegations damaging and has publicly requested apologies from those who circulated the claims.

How does this affect Cardano stakeholders and voucher holders?

For voucher holders, the audit provides verification that redemptions were processed at scale and reconciled on-chain. For the Cardano ecosystem, the audit reduces uncertainty by documenting procedures and outcomes.

Governance implications: redirected tokens followed treasury rules; this strengthens protocol transparency and supports treasury accountability.

Frequently Asked Questions

Did independent auditors find that tokens were stolen?

The forensic review did not find evidence that ADA tokens were stolen or misused. Reconciliation of voucher issuance against on-chain redemptions supported the conclusion that redemptions functioned as intended.

Are elderly buyers overrepresented in the presale results?

Audit demographics show only 6.1% of buyers were older than 65, which contradicts claims that the presale unfairly targeted elderly participants.

Key Takeaways

• Audit clears major misuse claims: Independent forensic review found no fraud or deliberate blocking.
• High redemption rate: 99.2% of vouchers redeemed, totaling 25.85 billion ADA.
• Transparency improved: Findings and reconciliations strengthen governance and public trust; affected parties should consider issuing retractions where warranted.

Conclusion

The Cardano redemption audit provides a fact-based resolution to public accusations by documenting redemption outcomes and the reconciliation process. Cardano redemption audit results support the conclusion that protocol rules were followed and that most vouchers were redeemed. Stakeholders should review the published findings and pursue corrective statements where misinformation circulated.

Published by COINOTAG. Updated: 2025-09-03.