Hoskinson promises audit, is ‘deeply hurt’ by $600M Cardano treasury claims

Cardano founder Charles Hoskinson says Input Output Global (IOG) is preparing an audit report on its treasury holdings and denies allegations that he misappropriated roughly $600 million worth of ADA tokens. Non-fungible token artist Masato Alexander alleged that Hoskinson used a "genesis key" to rewrite the ledger and take control of $619 million worth of ADA during the 2021 Allegra hard fork, citing a "Move Instantaneous Rewards" transaction dated Oct. 24, 2021 that transferred over 318 million ADA. Hoskinson responded that ADA redemptions remained open for three years after that transaction, that the "vast majority" of the 350 million ADA was redeemed by original buyers, and that the forfeited remainder was donated to Intersect. In a May 18 X post, he said he is "deeply hurt" by the community's mistrust.