Cardano Proves Its Integrity as 99.7% of Voucher ADA Redeemed

Cardano's recent internal audit has confirmed that no misconduct occurred in its ADA Voucher Program and that 99.7% of all ADA tokens sold under the program have been redeemed. The audit, conducted by law firm McDermott, Will & Schulte and accounting firm BDO, reviewed a range of aspects including voucher sales, redemption processes, and blockchain upgrades. The 128-page report concluded that all allegations against the program were without merit and highlighted the program's safeguards to prevent fraudulent practices [2].

The audit was initiated following allegations that Cardano founder Charles Hoskinson and Input Output Global (IOG) manipulated the blockchain during the 2021 Allegra hard fork to seize roughly $600 million in ADA. NFT artist Masato Alexander claimed that Hoskinson used a "genesis key" to divert 318 million ADA from the reserve into other pools [2]. However, the investigation found no evidence to support these claims, concluding that the voucher program was structured with safeguards to prevent deceptive sales tactics [2].

The audit revealed that 99.7% of all ADA tokens sold under the voucher program have been successfully redeemed, with the remaining 0.2% returned to the TGE and donated to Intersect through the same process that funded the Cardano Foundation [2]. These findings underscore the program's success and transparency, refuting allegations that upgrades deleted voucher holders' "private keys" or assets [2].

Cardano's founder, Charles Hoskinson, expressed relief at the audit's findings, stating that the allegations were baseless and that the process had been deeply frustrating. He urged those who made the allegations to apologize and move on from the controversy [2]. The audit results were shared on X Space, where Hoskinson emphasized the importance of maintaining the integrity of the Cardano network and its community-driven governance [2].

Cardano has also seen a significant surge in on-chain volume, with data shared by Mintern showing that the network's on-chain volume exploded to almost $5.3 billion in just seven days [1]. This dramatic increase solidifies its place in the crypto market and signals renewed momentum for ADA, as more transactions pass through its ecosystem [1]. The network has achieved a major milestone in decentralization, with the founding bodies of the blockchain fully withdrawing from the Constitutional Committee, giving the community complete control over governance [1].

The Cardano ecosystem now has a stronger community-driven governance structure than ever before, cementing its reputation as the most decentralized blockchain on the planet [1]. This development supports Cardano's claims that it is a genuinely democratic blockchain and establishes a new standard for decentralization in the cryptocurrency sector [1]. Dave, a Cardano SPO, highlighted that the blockchain consistently operates on thousands of nodes across the world, a living example of true decentralization designed for sustainability, security, and dependability [1].

The audit findings and recent developments in the Cardano ecosystem reflect a commitment to transparency and community governance. The network's ability to handle a massive spike in on-chain volume and its continued efforts to enhance decentralization demonstrate its potential to lead the next wave of blockchain evolution. As the audit results are disseminated, the Cardano community and stakeholders are likely to gain renewed confidence in the platform's integrity and future prospects [1].

Source:

[1] Cardano Secures The Crown (https://bitcoinist.com/cardano-secures-the-crown/)

[2] Cardano audit confirms 99.7% of voucher ADA redeemed (https://cryptobriefing.com/cardano-voucher-audit-results/)