Cardano founder Charles Hoskinson says audit report is on track for mid-August release

Cardano founder Charles Hoskinson announced today that the first draft of a highly anticipated audit report has been received and is progressing toward a planned mid-August release.

“I just received the first copy of the audit report. I requested a lot more detail and context in several areas, but it’s shaping up quickly,” Hoskinson wrote on X. “I believe we are on schedule for a mid-August release, assuming the work continues at this pace and there are no delays.”

The audit was initiated following allegations made in May 2025 that Hoskinson and Input Output Global (IOG) had manipulated the Cardano ledger during the 2021 Allegra hard fork to control approximately $600 million worth of ADA tokens.

NFT artist Masato Alexander, who made the allegations, accused Hoskinson of using a “genesis key” to transfer 318 million ADA from the reserve to various other pools.

Hoskinson denied those claims, stating that most of the ADA in question had been redeemed by original buyers during a seven-year claim period, with the remaining unclaimed tokens donated to Intersect, Cardano’s governance organization.

IOG never gave itself 350 million unclaimed ada. This is a lie. The vast majority was claimed and the remaining that was forfeited after seven years of waiting was donated to Intersect. Intersect was funded the same way and by the same TGE that funded the CF.

No matter how many…

— Charles Hoskinson (@IOHK_Charles) May 6, 2025

The report will be made public through a dedicated website that will also include historical documents from the sale, according to Hoskinson.

“I will read the entire report via a livestream once it becomes available,” Hoskinson said, adding that updates will come in early August.