TL;DR
- Cardano founder Charles Hoskinson has confirmed that the long-awaited audit of Input Output Global’s ADA reserves is almost ready and will be broadcast live by mid-August.
- The move aims to counter $600 million ADA misuse claims, which Hoskinson firmly denies.
- He also hinted at potential lawsuits against those spreading false information.
As the crypto space navigates persistent skepticism, Charles Hoskinson has chosen to address allegations head-on. Earlier this year, various voices accused him of diverting nearly $600 million in ADA by exploiting Cardano’s ledger and hidden “genesis keys.” The claim gained traction after NFT artist Masato Alexander reignited the debate, pushing Hoskinson to act decisively.
Determined to restore confidence, Hoskinson says the audit is progressing swiftly, with extra context and clarifications added where needed. Once ready, the report will be presented through a livestream session, accompanied by a website that archives historical sale records to counter doubts with verifiable data. The founder stressed that transparency is crucial to protect Cardano’s reputation from misinformation.
Legal Measures And Public Rebuttal
Besides the audit, Hoskinson has made it clear he won’t tolerate baseless accusations. He revealed plans to meet with a top defamation law firm to explore legal actions against individuals behind the allegations. He insists that “Input Output Global” did not hoard unclaimed ADA for itself, calling such claims “absolute lies.” According to him, any unclaimed funds were instead transferred to “Intersect”, a key entity supporting Cardano’s governance.
While the controversy unfolds, ADA has shown resilience in the markets. At press time, ADA trades near $0.88, marking a steady rise of over 5% in 24 hours and more than 50% in the past month. Still, it remains well below its historic 2021 peak.
Expansion Plans Fuel Long-Term Optimism
Beyond settling disputes, Cardano continues to push its roadmap. Hoskinson recently confirmed ongoing negotiations with Circle and Tether to introduce USDC and USDT on Cardano’s network, a step seen as vital for DeFi growth. However, he cautioned that stablecoins alone won’t transform the ecosystem overnight. The real breakthrough, he argued, will come from robust infrastructure and real-world adoption.
In that spirit, Cardano unveiled Cardinal, a new protocol designed to connect Bitcoin liquidity with Cardano’s smart contracts. Using advanced cryptographic tools like MuSig2 and BitVMX, Cardinal allows Bitcoin holders to interact with Cardano DeFi without sacrificing decentralization. This development underscores Hoskinson’s commitment to expand Cardano’s utility beyond speculation and into practical, secure financial tools for crypto holders worldwide.
