Cardano has launched an investigation report regarding the redemptions of the ADA voucher program, dismissing claims of monetary misconduct.
A joint audit, revealed on Wednesday, confirmed that 99.7% of all Cardano tokens bought pursuant to the voucher program have been efficiently redeemed via the on-chain redemptions and Publish-Sweep Redemption Challenge.
“The Investigation decided that every of the allegations associated to the Subjects of Investigation shouldn’t have any foundation.”
Additional, the investigations revealed that unclaimed ADA had been allotted to Cardano Growth Holdings for grants and group initiatives.
The investigation was collectively carried out by Enter Output World (IOG), world regulation agency McDermott, Will & Schulte and the worldwide accounting agency BDO.
Moreover, the audit report provides an in depth account of the redemption timeline and the mechanisms in place to make sure accountability. It elaborates how the voucher distribution was managed via a structured and safe framework with transactions recorded on-chain.
In Might, allegations surfaced against the ecosystem’s founder, Charles Hoskinson, over manipulating the blockchain throughout the 2021 Allegra onerous fork. He was accused of misappropriating over $600 million value of ADA tokens.
Per the accusations, 318 million ADA, valued at round $619 million in 2021, was moved from presale addresses into the Cardano reserves.
Moreover, NFT artist Masato Alexander claimed that Hoskinson used a “genesis key” to rewrite the ledger. He argued that a lot of the authentic token holders by no means reclaimed their funds.
Hoskinson later promised an audit to debunk claims of misappropriation of $600 million value ADA. He mentioned that the Cardano Basis will quickly launch an audit to counter rising criticisms.
He wrote on X on the time that the unique token consumers had already redeemed a lot of the 350 million ADA.
In June, Hoskinson mentioned that he obtained the primary copy of the audit report, promising to launch extra particulars by mid-August, if there are not any delays.
ADA fell 1.27% to $0.817 over 24 hours and greater than 5.7% previously week, underperforming the broader crypto market. Per CoinMarketCap information, the native Cardano token is buying and selling at $0.817 at press time.
Supply: CoinMarketCap
The stoop is attributed to whale promoting, creating overhead resistance. Per on-chain information, Wallets holding 1-10M ADA lowered holdings by 0.4% since August 25.
Although ADA’s dip displays technical weak point amplified by whale exits, a number of traders stay optimistic on its upcoming bullish trajectory.
