#cardano Hoskinson promises audit, is ‘deeply hurt’ by $600M Cardano treasury claims Charles Hoskinson has denied claims of misappropriating $600 million in ADA and says Cardano will publish an audit report following community backlash.The Cardano Foundation is preparing to release an audit report on its treasury holdings after fresh allegations surfaced claiming misappropriation of roughly $600 million worth of ADA tokens.

Cardano founder Charles Hoskinson is facing renewed scrutiny from community members, including non-fungible token artist Masato Alexander, who alleged that Hoskinson manipulated the Cardano ledger using a “genesis key to rewrite it and take control” of $619 million worth of Cardano

ADA

$0.7333

during the network’s 2021 Allegra hard fork.Related: Nasdaq-listed GDC plans to buy Bitcoin and TRUMP memecoin for $300M

A secondary, “Move Instantneous Rewards” transaction dated Oct. 24, 2021, shows a transfer of over 318 million ADA tokens, which enabled the funds to flow from reserve pools into staking or treasury allocations.However, ADA redemptions stayed open for another three years after the transaction, responded Hoskinson, adding that the “vast majority of that 350 million ADA was redeemed by the original buyers,” a process that took a total of seven years.