An independent forensic investigation commissioned by Input Output Global (IOG) has conclusively dismissed long-standing allegations of fraud and misconduct in Cardano's decade-old ADA Voucher Program. The 150-page report, jointly conducted by law firm McDermott Will & Emery and accounting firm BDO and released on September 2, 2025, examined claims that insiders misused ADA, manipulated blockchain upgrades to block redemptions, or improperly diverted unredeemed tokens. The investigation determined these allegations "do not have any basis".
Investigators reviewed tens of thousands of documents, performed blockchain and forensic analyses, and interviewed 18 individuals, including former employees and voucher holders. The findings revealed that 14,282 vouchers, representing 99.7% of all ADA sold in the program, were successfully redeemed through on-chain processes and a subsequent Post-Sweep Redemption Project. Contrary to claims targeting elderly investors, only 6.1% of vouchers were sold to people over 65, with just 14 remaining unredeemed.
When the Byron-era redemption process ended in 2017, 390 vouchers worth 318 million ADA were unclaimed. IOG's recovery initiative deployed consultants and private investigators to locate holders, raising the redemption rate to near totality. In 2023, 68.25 million tokens deemed unlikely to be redeemed were transferred to Cardano Development Holdings, a Cayman-based foundation overseen by nonprofit Intersect (co-founded by IOG and EMURGO with $500,000 annual pledges each). These funds supported ecosystem growth via grants, community projects, and continuity contracts with strict monitoring procedures.
The report marks a robust rebuttal to social media accusations, notably from NFT artist Masato Alexander in May 2025, alleging founder Charles Hoskinson misappropriated $600 million in ADA during the 2021 Allegra hard fork. Hoskinson had promised an audit in response, which was delivered on schedule despite ADA's recent 5.7% weekly decline to $0.817, attributed to whale selling.