Charles Hoskinson Announces First Audit Report on Manipulation Allegations Against Cardano (ADA) – Here Are His Latest Statements

The Cardano network has shared the first draft report with the public in the audit process it initiated regarding the manipulation allegations in the ADA coin.

Cardano founder Charles Hoskinson stated on social media platform X (formerly Twitter), “I have received the first draft of the audit report,” adding that he “requested more details and background explanations” for some items. Hoskinson stated that the final report is scheduled for release in mid-August.

The investigation began in May with serious allegations made by NFT artist Masato Alexander. Alexander alleged that Hoskinson and his company Input Output Global (IOG) manipulated approximately $600 million worth of ADA in 2021. The allegations centered on Hoskinson’s unauthorized transfer of 318 million ADA from reserves to other pools using “genesis keys.” Genesis keys are private keys that have the authority to transfer tokens or change network settings on the network.

Hoskinson, however, disputed the allegations, stating, “The majority of the ADAs in question consist of tokens that have been unclaimed for seven years.” He added that the remaining amount was donated to Cardano’s governance organization, Intersect.

Hoskinson announced that he would publish the draft audit report and documents from past token sales on a dedicated website. He also said, “I will read the full report live when it is ready.”

*This is not investment advice.

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