99.7% ADA Vouchers Redeemed as Audit Clears Cardano of Theft Allegations

The forensic audit of Cardano’s ADA Voucher Program, conducted by law firm McDermott, Will & Emery and accounting firm BDO, has confirmed that 99.7% of the 14,282 vouchers issued were successfully redeemed, dismissing allegations of misconduct against Input Output Global (IOG) and its founder, Charles Hoskinson Hoskinson Cointelegraph IOHK ADA Voucher Audit^[1]. The 128-page report, released on September 3, 2025, found no evidence of fraud, insider manipulation, or misuse of funds, directly refuting claims that IOG had allegedly stolen $600 million in ADA during the 2021 Allegra hard fork . The audit also clarified that unclaimed ADA tokens—equivalent to 14 unredeemed vouchers—were legally transferred in 2023 to Cardano Development Holdings (CDH), a Cayman-based foundation, for ecosystem development and community initiatives .

The audit revealed that 25.9 billion ADA tokens were redeemed through on-chain activity and the Post-Sweep Redemption Project, with 99.2% of vouchers redeemed by August 15, 2025 . Contrary to accusations of targeting elderly investors, only 6% of vouchers were purchased by individuals aged 65 and older, and just 14 vouchers from this group remain unredeemed . The report also addressed claims that private keys were deleted during blockchain upgrades, stating that voucher certificates contained redemption codes, not cryptographic keys, and that mistranslations of Japanese terms like “password” had led to confusion .

A key finding was the transfer of 68.25 million ADA to CDH, a Cayman-based entity under Intersect, which the audit deemed non-theft, as these tokens were believed to be non-redeemable Hoskinson Cointelegraph IOHK ADA Voucher Audit^[1]. The report emphasized that the unclaimed ADA was allocated to ecosystem grants, continuity contracts, and community projects, aligning with Cardano’s governance framework. The audit also contextualized the economic scale of Cardano’s ecosystem, noting a total value locked (TVL) of $300–$400 million in 2025 and a market value of approximately $14 billion, underscoring the relatively small proportion of the voucher pool compared to the broader network Hoskinson Cointelegraph IOHK ADA Voucher Audit^[1].

Charles Hoskinson, IOG’s CEO, criticized Cointelegraph for refusing to retract its article accusing IOG of the $600 million theft, calling the outlet’s stance defamatory and unprofessional Hoskinson Cointelegraph IOHK ADA Voucher Audit^[1]. He highlighted that Cointelegraph’s rehiring of Jon Rice as editor-in-chief in August 2025 coincided with the outlet’s refusal to address the voucher issue with evidence-based remedies, framing the retraction request as “pressure” rather than a factual correction Hoskinson Cointelegraph IOHK ADA Voucher Audit^[1]. Hoskinson’s response, shared on social media, emphasized the need for accountability and transparency in media coverage of blockchain projects .

Independent analyses of the audit by CryptoSlate and FXDailyReport corroborated the findings, noting the 99.7% redemption rate and the absence of fraudulent activity Hoskinson Cointelegraph IOHK ADA Voucher Audit^[1]. The audit’s release has bolstered confidence in Cardano’s governance model, particularly as the project prepares for a USD-backed stablecoin launch. For investors, the findings reinforce the integrity of Cardano’s early fundraising and its commitment to transparency, positioning it as one of the few blockchain projects to undergo a comprehensive forensic review .