Investigators find no fraud in Cardano’s decade-old voucher initiative in forensic report
An impartial investigation commissioned by Input Output discovered no proof to help accusations of fraud or misconduct in Cardano’s decade-old ADA Voucher Program, in accordance with a forensic report launched on.
The assessment, performed collectively by legislation agency McDermott Will & Emery and accounting agency BDO, examined public claims that insiders misused ADA, manipulated blockchain upgrades to dam redemptions, or improperly diverted unredeemed tokens.
The 150-page report, dated Sept. 2, 2025, concluded the allegations “do not need any foundation.”
Redemption efforts and findings
Investigators reviewed tens of 1000’s of paperwork, carried out blockchain and forensic analyses, and interviewed 18 individuals starting from former staff to voucher holders.
Their findings confirmed that 14,282 vouchers, representing 99.7% of all ADA offered in this system, have been efficiently redeemed via a mixture of on-chain redemptions and a follow-up restoration initiative.
Contrary to claims that aged traders have been disproportionately focused, solely 6.1% of vouchers have been offered to individuals over 65. Of these, simply 14 vouchers stay unredeemed.
The report mentioned this system included safeguards to stop misrepresentation, and distributors who broke guidelines have been suspended. When Cardano’s Byron-era redemption course of ended in 2017, 390 vouchers, price 318 million ADA, remained unclaimed.
Input Output launched a “Post-Sweep Redemption Project” that deployed consultants and personal investigators to trace down voucher holders. That effort raised the general redemption charge to close totality.
Use of unredeemed funds
The report additionally addressed considerations about unredeemed ADA. In 2023, 68.25 million tokens judged unlikely to be redeemed have been transferred to Cardano Development Holdings, a Cayman-based basis overseen by the nonprofit Intersect.
Those funds supported ecosystem development via continuity contracts, grants, and neighborhood tasks. Intersect was shaped in July 2023 by Input Output and EMURGO, which every pledged $500,000 yearly to the group’s working funds.
The report mentioned a lot of the transferred ADA went towards contracts with Input Output Infrastructure, which in flip paid subcontractors beneath strict monitoring procedures.
The findings mark the strongest rebuttal to long-running social media accusations that Cardano insiders enriched themselves on the expense of early traders. Input Output mentioned it launched the total report to “guarantee transparency” and inspired neighborhood members to assessment it.
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