Charles Hoskinson, the founder of Cardano, anticipates that an independent audit detailing the ADA cryptocurrency holdings of his company, Input Output Global (IOG), will be released to the public by mid-August. This comes after Hoskinson requested additional clarity and context on the initial draft of the audit report.
IOG Addresses Community Concerns with Forthcoming Transparency Report
Hoskinson confirmed receipt of the preliminary audit document and indicated that while further details are needed, the report is progressing rapidly. He expressed confidence in a smooth release process, provided the current pace of work continues without interruption.
The decision to commission this audit stems from allegations, notably from NFT artist Masato Alexander, claiming a significant sum of Cardano (approximately $600 million) was improperly handled during the network’s Allegra hard fork in 2021. Hoskinson has vehemently denied these accusations, asserting that the majority of initial ADA allocations were claimed, with any forfeited tokens after a seven-year period being donated to Intersect, a member-based organization focused on the Cardano ecosystem’s continuity and development. He previously stated he was “deeply hurt” by the community’s distrust following the claims.
Upon its official publication, the comprehensive audit report will be hosted on a dedicated website, alongside other historical documentation related to the initial ADA sale. Hoskinson plans to conduct a live stream to thoroughly explain the findings to the community. Furthermore, he revealed intentions to consult with a defamation law firm next week to explore potential legal recourse against those he alleges are spreading false information.
The release of this audit is crucial for maintaining transparency and trust within the Cardano ecosystem. It is expected to provide definitive clarity regarding IOG’s handling of ADA holdings and address the ongoing concerns that have circulated within the community, thereby reinforcing investor confidence and the overall integrity of the Cardano blockchain.
