The Cardano Foundation is preparing to publish an audit report on its treasury following allegations of misappropriation involving approximately $600 million worth of ADA tokens.

Cardano Founder, Charles Hoskinson, is facing a new wave of criticism from the community, including NFT artist Masato Alexander, who accused him of using the 'genesis key' to interfere with the ledger and control 619 million ADA during the Allegra hard fork in 2021. A transaction in October 2021 showed that over 318 million ADA had been transferred from reserve funds to staking or treasury allocation.

Hoskinson dismissed the allegations, explaining that the ADA amounts not claimed by buyers remained after many years, and the majority of the 350 million ADA had been reclaimed by the original buyers. The remainder, after the 7-year period expired, was donated to the Intersect organization.

He confirmed that an audit report is underway but expressed disappointment at losing trust from the community. Hoskinson stated that after the report is published, he may hand over management of his X account to the communications team and change how he organizes AMA sessions and discussion spaces on this platform.