Comprehensive Audit Launched for Cardano’s ADA Voucher Redemption
In a move aimed at addressing recent controversies, Input Output Global (IOG) has announced the initiation of an independent forensic review of its Cardano (ADA) voucher redemption program. The global law firm McDermott Will & Emery (MW&E) and the auditing giant BDO have been engaged to conduct a thorough audit and compile a public report on ADA redemption. This statement was confirmed by Joel Telpner, IOG’s Chief Legal and Policy Officer.
Initiative to Address Concerns Over Unclaimed ADA
This comprehensive audit seeks to quell the ongoing debate over allegations that a large number of unclaimed ADA tokens were redirected during a ledger event in 2021. The audit aims to provide a clear historical account of every presale token, detailing its current status and location.
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Cardano’s Proactive Measures to Audit Unclaimed Tokens
Emurgo, a founding entity of Cardano, has expressed support for this audit, urging the community to await the results. According to Emurgo, only a small fraction of vouchers remain outstanding, despite extensive efforts to locate them, including door-to-door searches in Japan.
Expert Firms to Lead the Audit
Joel Telpner announced that MW&E, known for its fintech and blockchain expertise, along with BDO, which specializes in digital-asset forensics, will spearhead the audit. These firms will work tirelessly to deliver the audit report at the earliest possible time. A specialized blockchain analytics firm is also set to join this engagement after routine checks are completed.
Community Reactions and Statements from Cardano Entities
Emurgo’s recent statement highlighted that most presale ADA vouchers have been redeemed successfully. However, the remaining unredeemed vouchers became technically unspendable following the Shelley hard fork, requiring specific on-chain actions to retain redemption rights. Emurgo acknowledged community frustrations but cautioned against spreading unfounded fear, uncertainty, and doubt.
The Cardano Foundation, while not involved in post-2021 voucher operations, affirmed the audit’s importance and acknowledged the IO team’s four-year effort to support voucher holders.
Controversy and Allegations from the Community
The call for a detailed audit intensified after NFT artist Masato Alexander accused IOG founder Charles Hoskinson of diverting unclaimed ADA during the Allegra hard fork. Hoskinson refuted these allegations, labeling them as false, and clarified that the unredeemed tokens were donated to Cardano’s governance body, Intersect. He warned of potential legal action against those perpetuating these claims.
Future Steps and Expectations
While the exact date for the final report’s release remains uncertain, Telpner emphasized that both MW&E and BDO are expected to complete the audit and publish the report as swiftly as possible. At the time of this announcement, ADA was trading at $0.727.
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