Comprehensive Analysis of Cardano’s Audit Developments
Our editorial content is meticulously vetted by industry specialists and seasoned editors to ensure trustworthiness and accuracy.
Charles Hoskinson Advances Cardano Audit
Charles Hoskinson, the visionary behind Cardano, has taken a significant step forward in addressing the long-awaited audit of Input Output Global’s (IOG) ADA holdings. Recently, he received the preliminary draft of the audit report, which promises to shed light on various concerns. In a post on the social media platform X, dated July 20, he mentioned, “I just received the first copy of the audit report. I requested a lot more detail and context in several areas, but it’s shaping up quickly… I believe we are on schedule for a mid‑August release, assuming the work continues at this pace and there are no delays.”
Advertisement Banner
The Importance of the Cardano Audit
The audit is central to Hoskinson’s commitment to dispelling allegations that IOG surreptitiously acquired approximately $600 million worth of ADA during the 2021 Allegra hard fork. These allegations, initially brought to light in May by NFT artist Masato Alexander, claim that Hoskinson manipulated the ledger using a “genesis key” to transfer 318-350 million unclaimed tokens into company accounts.
Hoskinson has consistently refuted these claims, labeling them a “lie.” He asserts that the majority of the disputed tokens had already been claimed by original purchasers and that the remainder was “donated to Intersect” after a seven-year dormancy. He emphasized on May 6, “No matter how many times people lie, they cannot change reality.”
Escalation and Legal Proceedings
The controversy intensified following social media headlines in late May that suggested a $600 million “theft.” “I’m absolutely disgusted… The headlines I’ve seen are beyond damaging; they will require months if not years of work and millions of dollars to undo post-audit,” Hoskinson declared on May 20. He committed to funding an independent review and promised to publish the findings in full.
Joel Telpner, IOG’s chief legal and policy officer, confirmed the ongoing progress in a subsequent X update: “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 keep you updated.”
Hoskinson also announced plans for legal action, indicating discussions with a defamation law firm to explore strategies aimed at mitigating what he perceives as “hundreds of millions of dollars of brand damage” to Cardano.
Future Steps and Market Impact
The anticipated report will be presented live, with Hoskinson planning to read the entire document in a livestream. Additionally, the PDF and “other historical artifacts from the sale” will be made available on a dedicated website for transparency.
The market’s reaction has been relatively muted thus far. ADA was trading at approximately $0.84 during the latest update, maintaining stability on the day but reflecting a 17% increase over the week. As of the latest data, Cardano is trading at $0.889, facing the 0.236 Fibonacci retracement level on the weekly chart.
Commitment to High-Quality Editorial Standards
The editorial process at bitcoinist prioritizes the delivery of thoroughly researched, accurate, and unbiased content. We uphold rigorous sourcing standards, with each piece undergoing a meticulous review by a team of top technology experts and experienced editors. This commitment ensures the integrity, relevance, and value of our content for our readers.
