In a recent audit of Cardano, performed by McDermott, Will and Schulte, and BDO, the redemption rate of 99.7% of ADA through the Cardano voucher program was confirmed. The findings, also acquitted Input Output Global (IOG) of wrongdoing and dismissed all the claims that had previously been raised at the beginning of this year.
Voucher sales, redemption procedures, upgrades in blockchain were audited and transparency and accountability were guaranteed in the history of the program.
Cardano Audit Clears IOG of Fraud Allegations
The audit report specifically responds to the claims that were made in May 2025 concerning IOG and the role of its founder, Charles Hoskinon in financing the fraud.
In particular, it was alleged that IOG had interfered with the Cardano blockchain in the 2021 Allegra hard fork to steal in excess of 600 million ADA. Nevertheless, the investigation results excluded the presence of any misconduct, referring to the absence of evidence to prove the charges.
Researchers made the conclusion that the voucher program was designed with evident protection. These steps avoided fraudulent selling practices and saved investors. However, despite allegations that IOG targeted the elderly, the audit revealed that only 6 percent of the vouchers were sold to those over 65 years old and only 14 of the vouchers were not redeemed.
Another issue that was captured in the report was that of deleted private keys after blockchain upgrades. It was made clear by the audit that the redemption codes were found in voucher certificates, not the private keys. The misapprehension was caused by mistranslations of some Japanese words and phrases that resulted in false allegations of being deprived of access.
Also Read: Cardano Founder Plans Major Audit Reveal Amid ADA Allegation Storm
Redemption Process Successfully Completed
Based on the results, most of the vouchers have been successfully redeemed on-chain. By August 15, 2025, 99.2 percent of vouchers were redeemed, which is 99.7 percent of all vouchers sold in the program.
One hundred and forty-two thousand one hundred and eighty-two vouchers, that is, 25.9 billion tokens of ADA, were withdrawn. This took into account the redemptions done under the Post-Sweep Redemption Project which reflects the current attempts at redemption process completion.
During the Byron era more than 97% of vouchers were redeemed. The rate of redemption has been increasing, and by mid-August 2025 the percentage had already hit almost 99.
The other portion of ADA attached to unclaimed vouchers was, in 2023, transferred legally to Cardano Development Holdings (CDH). This ADA was dedicated to the further development of the ecosystem and community project, which guarantees the further evolution of the Cardano governance system.
All Allegations Against IOG Found Unfounded by Audit
The audit was highly complimentary about the hard work of IOG and Sawyers as they showed loyalty to responsible fund management. The inquiry established that human redemption was done carefully and that they tried their best according to the law. Moreover, the report once again confirmed that IOG was transparent in its actions, showing a strong interest in the Cardano community.
Also Read: Cardano Whale Accumulation Hits Record: Can $ADA Hits $1.50?
The audit comes to an end by stating that all the allegations made against IOG and Charles Hoskinson were baseless. The comprehensive audit of the voucher program structure and operation is a guarantee that most of the ADA sold in the pre-launch period has been redeemed.
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Summary
The recent Cardano audit proved that almost all ADA vouchers had been used, and a small percentage was not collected. The probe ruled out all misconduct charges, and found the voucher program to be above board. The results of the audit will help to reassure the audience that IOG is committed to transparency, governance, and the further development of the Cardano ecosystem. The rest of the unredeemed ADA was allocated by law to develop the ecosystem.
FAQs for Cardano Audit
What was in the Cardano audit regarding the voucher program?
The Cardano audit revealed almost all the vouchers had been redeemed successfully, and 99.7% of the ADA sold under the program had been redeemed by mid-August 2025.
Was Charles Hoskinson guilty?
No, the audit rejected the claims that Charles Hoskinon was controlling the blockchain to steal ADA. Claims had no ground in the eyes of investigators.
Whatever became of the unredeemed ADA?
In 2023, unredeemed ADA was transferred to Cardano Development Holdings (CDH) as it was used to develop the ecosystem and community projects.
Was there any problem with the redemption process of the voucher?
No, the audit verified that the redemption procedure was clear and operative and no fraud and/or voucher codes problems were observed.
What did the Cardano audit do about claims of misleading sales?
The audit established that all voucher sales were audited in terms of transparency and KYC procedures. It also proved that the program was not aimed at elderly investors as supposed.
Glossary of Key Terms
AdaCardano: A decentralized application/smart contract platform built on a blockchain using its own cryptocurrency ADA.
ADA: The default cryptocurrency of the blockchain Cardano, with which transactions and staking are performed.
Voucher Program: A distribution system of ADA that uses pre-launch offerings to finance the early Cardano development.
KYC: This is a measure taken by companies to confirm the identity of their consumer to ensure that they do not violate laws.
Genesis Key: This is a cryptographic key deployed in blockchain, and is occasionally linked to the creation or management of tokens.
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