Mr. Charles Hoskinson, co-founder of the esteemed Cardano project, finds himself in a most perplexing predicament. He has declared his intention to unveil a much-anticipated audit report in mid-August, a move that has set tongues wagging throughout the digital realm.
This announcement arrives amidst a flurry of accusations directed at Input-Output Global (IOG), the very entity responsible for Cardano’s development. It is alleged that IOG, in a most unseemly fashion, acquired a rather substantial sum of ADA, amounting to hundreds of millions, without due cause. 😱
$600 Million ADA Allegations Prompt Mid-August Cardano Audit Release
In the month of May, a most scandalous rumour, spread like wildfire across the social media landscape, accusing Mr. Hoskinson of orchestrating a most audacious theft of $600 million worth of ADA.
“I am utterly aghast…The headlines I have encountered are beyond reprehensible, they will require months, nay, years of tireless effort and a king’s ransom to rectify post-audit,” Mr. Hoskinson lamented in a post dated May 20th.
The crux of this scandalous claim rested upon unproven allegations that IOG had employed a clandestine “genesis key” to manipulate the Cardano ledger during the 2021 Allegra hard fork. It was further alleged that this nefarious act resulted in the allocation of a staggering 350 million ADA to IOG itself.
Beyond vehemently denying these scurrilous rumours, Mr. Hoskinson pledged to commission a thorough audit and, should the need arise, pursue legal action against those who dared to spread such falsehoods. He reiterated this commitment on Sunday, July 20th, promising to make public a comprehensive audit of IOG’s ADA holdings.
Mr. Hoskinson assured the public that the audit report was progressing swimmingly and remained on track for a mid-August release.
“I shall personally peruse the entirety of the report via livestream upon its completion,” he declared.
He further revealed that a dedicated website would be established to permanently house the document and other historical artifacts pertaining to the ADA sale. Mr. Joel Telpner, Chief Legal and Policy Officer at IOG, echoed Mr. Hoskinson’s timeline.
Hello Cardano Community. We are making good progress on the investigative and audit report that we promised to deliver. The law firm and audit firm are close to completing their work and we are hoping the report will be ready to release by the middle of August. I’ll continue to…
— Joel Telpner (@JTelpner) July 20, 2025
However, certain members of the Cardano community have expressed reservations regarding the scope of the audit and the individuals responsible for defining its parameters. Others have called for greater detail and context to bolster the report’s credibility upon its public release.
Meanwhile, Mr. Hoskinson maintains that the audit will directly address the claims that IOG surreptitiously allocated unclaimed ADA to itself.
According to Mr. Hoskinson, the vast majority of the aforementioned 350 million ADA had already been claimed by their rightful owners. He explained that the remaining portion was transferred to Intersect, a governance body within the Cardano ecosystem, following a seven-year grace period. He also hinted at the possibility of legal action against individuals disseminating defamatory claims.
“Meeting with the defamation law firm next week to discuss options and strategy,” he stated.
The forthcoming audit promises to be a pivotal moment for Cardano’s reputation. With tensions running high and the project’s founder under intense scrutiny, August could prove to be a defining month, either reaffirming Mr. Hoskinson’s leadership or deepening the fissures within the Cardano community. Only time will tell. ⏳
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2025-07-20 23:16