Cardano Internal Audit Reveals No Misconduct, Confirms 99.7% Voucher ADA Redeemed
Cardano has launched an investigation report regarding the redemptions of the ADA voucher program, dismissing claims of economic misconduct.
A joint audit, printed on Wednesday, confirmed that 99.7% of all Cardano tokens offered pursuant to the voucher program have been efficiently redeemed by way of the on-chain redemptions and Post-Sweep Redemption Project.
“The Investigation decided that every of the allegations associated to the Topics of Investigation don’t have any foundation.”
Further, the investigations revealed that unclaimed ADA have been allotted to Cardano Development Holdings for grants and neighborhood initiatives.
The investigation was jointly conducted by Input Output Global (IOG), world regulation agency McDermott, Will & Schulte and the worldwide accounting agency BDO.
Additionally, the audit report provides an in depth account of the redemption timeline and the mechanisms in place to make sure accountability. It elaborates how the voucher distribution was managed by way of a structured and safe 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 in the course of the 2021 Allegra onerous fork. He was accused of misappropriating over $600 million value of ADA tokens.
Per the accusations, 318 million ADA, valued at round $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 many of the authentic token holders by no means reclaimed their funds.
Hoskinson later promised an audit to debunk claims of misappropriation of $600 million value ADA. He mentioned that the Cardano Foundation will quickly launch an audit to counter rising criticisms.
He wrote on X on the time that the unique token consumers had already redeemed many of the 350 million ADA.
In June, Hoskinson mentioned that he acquired the primary copy of the audit report, promising to launch extra particulars by mid-August, if there are not any delays.
ADA Sees a Red Week – Bulls Believe Bullish Trajectory Ahead
ADA fell 1.27% to $0.817 over 24 hours and greater than 5.7% previously week, underperforming the broader crypto market. Per CoinMarketCap information, the native Cardano token is buying and selling at $0.817 at press time.
The hunch is attributed to whale promoting, creating overhead resistance. Per on-chain information, Wallets holding 1-10M ADA diminished holdings by 0.4% since August 25.
Though ADA’s dip displays technical weak point amplified by whale exits, a number of buyers stay optimistic on its upcoming bullish trajectory.
One user wrote that regardless of minor weekly stress, ADA has posted robust good points of +27% in 90 days and +159% over the previous 12 months.
“A decisive transfer above $0.85–$0.88 might set off the subsequent bullish leg increased.”
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