Cardano founder Charles Hoskinson has pushed back at critics after a long and detailed audit cleared accusations of fund misuse in the ADA Voucher Program.
The report was released today after months of investigation by the law firm McDermott, Will & Schulte, which worked with the accounting company BDO.
Hoskinson, who faced heavy criticism online for months, reacted to the report by posting on X. He wrote, “Waiting for the apologies to come rolling in,” showing his frustration at what he called false and unfair claims.
The audit was a 128-page review that examined claims that insiders diverted tokens meant for voucher holders, manipulated blockchain upgrades, and even seized funds during the Allegra hard fork in 2021. It concluded that each allegation lacked merit and confirmed the program was managed according to its stated terms.
The audit rejected these claims. It said that the ADA Voucher Program was run according to its rules and that the funds were handled properly.
The report confirmed that 14,282 vouchers had been redeemed, which equals 99.7 percent of the ADA made available. It also explained that rules and checks were in place to stop unfair sales, and action was taken against distributors who broke agreements.
One of the most serious claims involved 318 million unredeemed ADA tokens that critics said were improperly seized, but the audit explained they were moved into reserves after the Byron era ended.
The report also said a Post-Sweep Redemption Project was created to find and handle unused coupons, making sure no tokens were lost.
The audit added that only a very small number of vouchers were never redeemed and confirmed that Hoskinson did not use a “genesis key” to take funds. It said clearly that no misuse of ADA ever happened.
Hoskinson had always rejected the accusations, saying they were false stories aimed at hurting his reputation. In July, he promised the audit would be released to the public. It was delayed in August for more checks but was finally published in September.
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