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Input Output Global (IOG), the company behind Cardano, has released the results of a detailed independent investigation into its ADA Voucher Program. The 128-page report, published on September 3, confirmed that 99.7% of voucher ADA tokens have been successfully redeemed and dismissed allegations of misconduct against the network’s founders and developers.
The audit was conducted jointly by law firm McDermott, Will & Schulte and accounting giant BDO. Their review included voucher sales, redemption processes, the handling of unclaimed ADA, and blockchain upgrades. The findings put to rest rumors that Cardano’s leadership engaged in misconduct during the network’s early years.
Origins of the ADA Voucher Program
Cardano distributed its native cryptocurrency, ADA, through a voucher system before the blockchain officially started. Investors purchased vouchers under strict Know Your Customer (KYC) procedures, which could later be redeemed for ADA tokens once the mainnet went live.
This fundraising method was designed to ensure transparency and provide early financing for Cardano’s development. Every tranche of voucher sales was subject to audits, reinforcing investor confidence.
Allegations Against Cardano Leadership
In May 2025, accusations surfaced suggesting Cardano’s founder Charles Hoskinson and IOG had manipulated the blockchain during the 2021 Allegra hard fork to seize approximately $600 million worth of ADA.
One of the loudest claims came from NFT artist Masato Alexander, who alleged that Hoskinson used a so-called “genesis key” to divert 318 million ADA from reserves into other wallets.
Other allegations included claims that upgrades deleted voucher holders’ private keys and that elderly investors were unfairly targeted during the sales process.
Findings of the Investigation
The independent audit thoroughly examined all of these claims and found no evidence to support them.
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No Misuse of Funds: The investigation determined the voucher program was structured with safeguards that made deceptive sales impossible.
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Investor Demographics: Contrary to claims that older people were unfairly targeted, only 6% of vouchers were purchased by individuals aged 65 and older. Just 14 vouchers from this age group remain unredeemed.
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No Deleted Keys: Allegations about private keys being deleted were also dismissed. Voucher certificates contained redemption codes, not cryptographic keys, and these codes remained valid throughout the process.
Investigators said the confusion likely came from mistranslations of Japanese terms like “password,” which were mistakenly described online as “private keys.”
Redemption Data
The audit confirmed the success of the voucher redemption process:
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25.9 billion ADA tokens were redeemed through on-chain activity and the Post-Sweep Redemption Project.
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By the end of Cardano’s Byron era, more than 97% of vouchers had already been redeemed.
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As of August 15, 2025, 99.2% of vouchers had been redeemed, representing 99.7% of ADA originally sold in the program.
This high redemption rate demonstrates the program’s effectiveness and transparency, contradicting earlier accusations of lost or misused assets.
Use of Unclaimed ADA
The small portion of ADA that remained unclaimed was transferred legally in 2023 to Cardano Development Holdings (CDH), a foundation based in the Cayman Islands. These funds were earmarked for:
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Ecosystem development grants
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Continuity contracts to maintain network stability
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Community initiatives through Intersect, Cardano’s governance body
By ensuring the tokens were reinvested into the network, Cardano reinforced its long-term growth and community-driven development goals.
Broader Implications for Cardano
The audit’s findings provide a major boost for Cardano’s reputation at a time when the blockchain industry faces increased scrutiny over transparency and governance. By engaging independent firms to conduct a full forensic review, Cardano demonstrated a commitment to accountability.
For investors, the confirmation that nearly all voucher ADA has been redeemed offers reassurance about the project’s early fundraising integrity. It also positions Cardano as one of the few blockchain projects to have undergone — and passed — such a comprehensive external audit.
Conclusion
The forensic audit of Cardano’s ADA Voucher Program confirms what developers have long argued: the system was transparent, the redemption process was effective, and allegations of misconduct were unfounded.
With 99.7% of voucher ADA successfully redeemed and the remainder allocated to ecosystem initiatives, the findings strengthen Cardano’s image as a project committed to trust, compliance, and community development.
As blockchain adoption accelerates, Cardano’s example of thorough auditing may serve as a benchmark for accountability across the crypto sector.
