Charles Hoskinson Fires Back as Audit Confirms 99.7% ADA Redemption

Cardano’s redemption controversy has been laid to rest after a comprehensive independent audit firm confirmed that 99.7% of ADA vouchers were properly redeemed, clearing the blockchain network and its founder, Charles Hoskinson, of all misuse allegations.

Hoskinson Responds: “Waiting for Apologies”

Cardano founder Charles Hoskinson, who bore the brunt of accusations, responded sharply to the findings. Taking to X, he remarked, “Waiting for the apologies to come rolling in.” For Hoskinson, the audit wasn’t just about proving numbers; it was about clearing the credibility of both himself and the Cardano ecosystem.

The accusations were serious. Critics claimed insiders diverted tokens, manipulated hard forks, and even rewrote the ledger to seize hundreds of millions of ADA. These allegations created uncertainty, especially for retail holders who feared Cardano’s early distribution might have been compromised.

ADA Token Redemption and Unclaimed Funds

The numbers speak for themselves:

• 97.3% of vouchers were redeemed on-chain during Cardano’s Byron era.

• By mid-August 2025, redemption rates had increased to 99.2% of vouchers, covering 99.7% of all ADA sold via vouchers.

The small fraction of unredeemed tokens was legally transferred to Cardano Development Holdings (CDH) in 2023 and is now funding ecosystem grants and community initiatives via Cardano’s governance body, Intersect.

What the Audit Found

The investigation, led by McDermott, Will & Schulte in partnership with BDO, produced a 128-page report that dismantled the claims point by point. According to the findings, nearly all vouchers, 14,282 in total, were successfully redeemed. The remaining tokens, critics argued, were “missing,” had in fact been moved into reserves once the Byron era ended. A Post-Sweep Redemption Project was later established to track down unused coupons.

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The audit also confirmed safeguards were in place to prevent misrepresentation and that no misuse of “genesis keys” ever occurred. In short, the “missing ADA” narrative was baseless.

A Step Forward for Cardano

For investors, the audit brings much-needed relief, showing that Cardano handled its funds properly and reinforcing trust in the project. Charles Hoskinson stressed that the findings prove Input Output Global (IOG), Cardano’s parent company, is running one of the most accountable networks in the industry.

The timing couldn’t be better. Cardano is moving toward big milestones, including the launch of a USD-backed stablecoin. With the controversy finally behind it, the project can now focus on growth and innovation instead of defending itself against old claims.

In many ways, this audit could be a turning point, turning years of doubt into proof of Cardano’s strength and resilience under pressure.

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