Cardano Founder Plans ADA Audit Release After Allegations

Charles Hoskinson, founder of Cardano and CEO of Input Output Global (IOG), says an audit of IOG’s ADA holdings is currently underway. He expects the results to be released publicly by mid-August. The decision to conduct and publish the audit follows public accusations of financial misconduct within the Cardano ecosystem. Hoskinson Faces Heat Over ADA Control Allegations The audit was first announced on May 19, following serious accusations made against Hoskinson and IOG. Some claimed that $600 million worth of Cardano’s native token, ADA, had been misused. These accusations caused significant concern within the Cardano community. It raised questions about how unclaimed ADA from the early days of the network was handled. The controversy intensified when several community members raised concerns about Charles Hoskinson’s role in the 2021 Allegra hard fork. Non-Fungible Token (NFT) artist Masato Alexander was among those who accused him of using a special cryptographic “genesis key” to rewrite the Cardano ledger. Alexander claimed this gave Hoskinson control over $619 million worth of ADA. These claims have sparked renewed debate about transparency and control within the Cardano ecosystem. Cardano Founder Refutes ADA Allegations, Awaits Audit Clarity In response, Hoskinson, an active voice in the crypto and blockchain industry , firmly denied these claims. The founder stated that IOG did not assign itself any unclaimed ADA. Instead, he explained that rightful owners had already claimed most of the ADA in question. The remaining tokens, which had been unclaimed for over seven years, were donated to a local community organization. Hoskinson has denied the claims of altering the Cardano ledger. He reiterated that he is preparing to explain the situation in detail when the audit is released. In a recent X post , Hoskinson confirmed that he has received the first version of the audit report. However, he has requested more information and clarification in several parts of the report. He also confirmed that, as long as work continues without delays, the audit report will be ready by mid-August. Notably, this move comes as the leading blockchain platform expands its focus to develop a robust set of Layer-2 (L2) solutions. Plans for Public Access and Legal Action Once the audit is complete, Charles Hoskinson will conduct a livestream to explain the report’s contents. He also plans to launch a website where people can read the audit and see records about how ADA was shared in the past. Hoskinson is also looking into legal action. He will meet with a defamation law firm to discuss taking action against individuals who have made false or damaging claims. By sharing the audit and taking these steps, Hoskinson hopes to rebuild trust in IOG and Cardano. The report is expected to clarify confusion about the company’s ADA holdings and address the community’s questions. The post Cardano Founder Plans ADA Audit Release After Allegations appeared first on TheCoinrise.com .

Source: The Coin Rise