Cardano Founder Charles Hoskinson Announces Audit Report On Schedule For August

Cardano founder Charles Hoskinson has announced that the audit report for Input Output Global’s (IOG) ADA holdings is progressing well and is expected to be released in mid-August. In a recent post, Hoskinson revealed that he had received the first copy of the audit report and had requested additional details and context in several areas. Despite these requests, he noted that the report is shaping up quickly and is on schedule for release.

This development comes after Hoskinson announced on May 19 that he would release an audit report of IOG’s treasury holdings, following allegations that $600 million in Cardano (ADA) had been misappropriated. Hoskinson had expressed his disappointment at the community’s mistrust, stating that he was “deeply hurt” by the allegations. He also clarified that IOG never gave itself 350 million unclaimed ADA, and that the remaining ADA, which was forfeited after seven years of waiting, was donated to Intersect.

Hoskinson’s announcement follows scrutiny from community members, including non-fungible token artist Masato Alexander, who alleged that Hoskinson manipulated the Cardano ledger using a “genesis key to rewrite it and take control” of $619 million worth of Cardano during the network’s 2021 Allegra hard fork. In response, Hoskinson has stated that he will comprehensively explain the audit over a livestream when it is published. He also suggested that he is exploring legal action against those behind the allegations, stating that he will meet with a defamation law firm to discuss options and strategy.

The audit report is a crucial step in maintaining the trust and confidence of the Cardano community. It will provide a comprehensive overview of the ADA's financial health and operational integrity, addressing any concerns or questions that stakeholders may have. Hoskinson's involvement in the audit process underscores his commitment to upholding the highest standards of transparency and accountability within the Cardano network.

The progress of the audit report is a positive sign for the Cardano community, as it demonstrates the project's dedication to maintaining a high level of transparency and security. The report's release in August will provide valuable insights into the ADA's financial health and operational integrity, helping to build trust and confidence among stakeholders. As the crypto market continues to evolve, the timely release of the audit report will be an important milestone for Cardano, reinforcing its position as a leading player in the blockchain industry.