Charles Hoskinson, the co-founder of Cardano and Input Output Global (IOG), has announced that a detailed audit of IOG’s ADA treasury holdings is nearly complete and is anticipated to be publicly released by mid-August, subject to final revisions. This audit was initiated amidst serious allegations against him regarding the misappropriation of ADA funds during the 2021 Allegra hard fork.
### Background of the Audit
The audit follows accusations suggesting that Hoskinson improperly utilised a “genesis key” to gain control over US$619 million in ADA during the Allegra hard fork. Additionally, it was claimed that IOG had wrongfully acquired approximately US$600 million in unclaimed ADA, reportedly seizing over 350 million ADA that had remained unclaimed. In response to these allegations, Hoskinson has consistently denied any wrongdoing, labelling the claims as false and defamatory. He has indicated intentions to take legal action against those disseminating these accusations.
### Hoskinson’s Commitment to Transparency
In a recent update, Hoskinson remarked on social media that he had received the initial draft of the audit report and called for more detail to ensure clarity before its release. “I believe we are on schedule for a mid-August release, assuming the work continues at this pace and there are no delays,” he stated. The final audit will be made available on a dedicated website, accompanied by historical records from the original ADA sale, and Hoskinson plans to present the findings live to promote transparency.
### Community Response and Allegations
The announcement of the audit came after significant backlash within the Cardano community. Accusations, particularly from NFT artist Masato Alexander, revolved around Hoskinson’s alleged actions during the Allegra hard fork – described as a unilateral move that led to the reassignment of control over millions in ADA. In response, Hoskinson refuted these claims, asserting that the allegations regarding the unclaimed ADA are unfounded. He clarified that most of the ADA in question had either been claimed or was forfeited after seven years, with any remaining funds being donated to a non-profit.
### Legal Actions and Market Stability
In light of the ongoing controversies, Hoskinson confirmed plans to seek legal advice regarding defamation, reinforcing his resolve to combat misinformation. Despite the scrutiny surrounding IOG, the market performance of ADA has remained robust. Current trading data indicates that ADA is valued at US$0.88 (AU$1.35), reflecting a growth of 20% over the past week and 52% over the preceding fortnight.
### Conclusion
As the Cardano community eagerly awaits the audit report, the outcome may have implications for both IOG’s reputation and SHA-256 blockchain overall. The forthcoming audit is positioned not only as a tool for transparency but also as a significant step towards resolving the ongoing disputes surrounding ADA’s management and distribution. As Hoskinson continues to defend his position, the developments over the coming weeks will be closely monitored by investors and community members alike.
