Cardano founder Charles Hoskinson has announced that the audit report concerning allegations of misappropriated ADA tokens is on track for release in mid-August 2025. This announcement follows public scrutiny and allegations made in May 2025 by NFT artist Masato Alexander, who claimed Hoskinson manipulated the Cardano ledger during the 2021 Allegra hard fork to control approximately $600 million worth of ADA tokens.
Hoskinson addressed the situation in a post, stating he had received the first draft of the audit report and requested more detail and context in several areas. Despite these requests, he expressed confidence that the report is "shaping up quickly" and remains on schedule for a mid-August release. The report will be made public through a dedicated website that will also include historical documents. Hoskinson also intends to comprehensively explain the audit via a livestream once it is published.
The allegations কেন্দ্র around the 2021 Allegra hard fork, with Alexander accusing Hoskinson of using a "genesis key" to transfer 318 million ADA from the reserve to various pools. Hoskinson has vehemently denied these claims, explaining that the ADA in question had largely been redeemed by original buyers during a seven-year claim period. The remaining unclaimed tokens were donated to Intersect, Cardano's governance organization.
To address community concerns and ensure transparency, Hoskinson initiated an independent audit of Input Output Global's (IOG) ADA holdings. Top firms, including BDO International, McDermott Will & Emery, and a crypto analytics group, are leading the financial, legal, and transparency review. This comprehensive audit aims to provide a clear overview of ADA's financial health and operational integrity, addressing stakeholder concerns.
Hoskinson has expressed his disappointment and hurt at the community's mistrust, emphasizing that IOG never gave itself 350 million unclaimed ADA. He clarified that the remaining ADA, forfeited after seven years, was donated to Intersect. Amidst the controversy, Hoskinson is also exploring legal action against those behind the allegations, consulting with a defamation law firm to discuss options and strategy.
The audit report is a crucial step in maintaining the Cardano community's trust and confidence. It will provide verifiable data and historical context to dispel misinformation and reinforce accountability. The Cardano Foundation is also undergoing an audit to further demonstrate the falsity of the allegations.
Beyond the audit, Cardano is also focusing on future developments. Hoskinson announced a shift in the project's development model for 2025, introducing agile engineering teams to achieve faster execution of platform development goals. A key milestone is the delivery of the Ouroboros Leios protocol, now targeted for 2026, which is expected to enhance transaction throughput and network efficiency. These changes aim to improve the platform's delivery speed, encourage diverse contributions, and position Cardano to compete more effectively in the crypto ecosystem.
