Cardano Founder Orders Detailed Audit of $600M ADA Holdings by Mid-August

Cardano founder Charles Hoskinson has announced that the audit report for Input Output Global’s (IOG) ADA treasury holdings is expected to be released by mid-August. This decision comes in response to community concerns and allegations regarding the management of over $600 million in ADA assets. Hoskinson has emphasized the need for a more comprehensive and contextualized report, as the initial audit draft lacked sufficient detail. The forthcoming audit aims to provide full transparency into IOG’s treasury, reinforcing accountability and addressing the community’s demand for clarity.

The audit initiative was sparked by widespread skepticism following claims that IOG had misappropriated ADA funds. Hoskinson has publicly refuted these allegations, stating that the majority of ADA was legitimately claimed and that any unclaimed tokens were donated to the Intersect project after a seven-year forfeiture period. He described the accusations as “lies” that do not alter the factual record. The controversy intensified after NFT artist Masato Alexander accused Hoskinson of using a “genesis key” to manipulate the Cardano ledger during the 2021 Allegra hard fork, a claim Hoskinson firmly denies. The audit report is expected to methodically dispel such misinformation by providing verifiable data and historical context.

In addition to the audit, Hoskinson is taking proactive legal steps by consulting with a defamation law firm to evaluate potential actions against those responsible for spreading false claims. This approach underscores a commitment to protecting Cardano’s reputation and ensuring that discourse around the project remains factual and constructive. Furthermore, Hoskinson plans to engage directly with the Cardano community by hosting a livestream event where he will read and explain the audit report in full. This unprecedented level of openness is designed to foster trust and invite informed dialogue among stakeholders.

The transparent handling of the audit and the willingness to confront allegations head-on may serve to stabilize investor sentiment and reinforce Cardano’s position in the competitive blockchain landscape. By addressing concerns promptly and openly, IOG demonstrates a strong governance framework and dedication to ethical stewardship of its assets. This development highlights the importance of transparency in maintaining robust investor relations within the crypto sector.

Charles Hoskinson’s commitment to releasing a detailed audit report and engaging with the community through a live reading represents a significant step toward restoring confidence in Cardano’s treasury management. Coupled with potential legal action against defamatory claims, these efforts underscore a broader dedication to transparency, accountability, and integrity within the project. Stakeholders can anticipate a clearer understanding of IOG’s ADA holdings and governance practices once the audit is published, marking a pivotal moment for Cardano’s ongoing development and community trust.