As an ada holder, developer, or DApp builder, would you part | Charles Hoskinson on Binance Square

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Charles Hoskinson

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As an ada holder, developer, or DApp builder, would you participate in a class action lawsuit against the parties that defamed cardano after the audit report is released?

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I'm absolutely disgusted by the conduct of the Crypto Media. Any semblance of objective or fair reporting has been thrown out the window in favor of maximally viral clickbait. The facts are that every party connected to the Ada voucher redemption has publicly stated there is no fraud. No allegations came from any law enforcement, regulatory body, lawsuit, or buyer. The person alleging misconduct has no connection or inside knowledge of the sale or the processes. And there is an audit underway from BDO to explain the sale. Any creditable media agency given these facts would understand that it is fundamentally irresponsible to propagate news suggesting the possibility of massive theft. The headlines I've seen are beyond damaging, they will require months if not years of work and millions of dollars to undo post-audit. If you participated in this insanity, then know that you're scum. You hurt people.

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The Brave announcement is the first in a series that will come out throughout the Summer and Fall that I term the fixing broken windows deals that originated from Midnight negotiations. It was long overdue, they originally could have been engaged in 2022. A certain entity dropped the ball, we got ignored. There are several dozen deals like this for Ada and Cardano Native Assets. Midnight has picked up the baton and started finishing them. Many many more to come!

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We are at a very exciting inflection point with respect to Cardano's engineering and the diversity of ideas and teams. In the beginning there was one philosophy that was rigorous, safe, and effective, but it also deeply alienated many who wanted to contribute, prevented new ideas from entering our ecosystem, and resulted in a very slow delivery of features. The team didn't want deadlines, focused on purity of practice, and thought in terms of years and decades. This benefited us tremendously in an age of unsafe practices, but also made it difficult for Cardano to grow and thrive. Now in 2025, we are opening up the ecosystem augmented with small agile teams like Aiken and Midgard, while preserving the knowledge, experience, and rigor with IOR and our formal methods group using Agda. We also see different clients that will and should challenge the assumptions, designs, and features of prior teams to accommodate new protocols, economic realities, and our progress as a community. Some are always unhappy with change and will look for easy scapegoats and want a return to days that never actually existed. But many will welcome a real opportunity to contribute, the faster pace of development, and the competition of ideas. There are times I miss the old days. But the new days will be filled with even greater opportunities and exciting new capabilities. That's the nature of all great products and projects

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For all those dogpiling on IOG about the unclaimed vouchers, the TGE entity is in the last stages of the redemption process since the final buyer is nearly through with his claim. After this process has concluded, the final act of the TGE will be to issue an externally audited report on the entire crowdsale and the redemption history to the founding entities and Intersect. It will then begin the process of shutting down. Many people at IOG have spent years of their lives, thanklessly, on this program. I will make sure their hard work is broadcast and give the critics one opportunity to apologize and retract their statements after the report is published. Should they continue to assert that IOG stole funds, we will pursue legal action. I will remind everyone that no report on this has been published because the redemption process has been ongoing since the protocol launched in 2017. This process required the TGE to wait seven years to recall unclaimed Ada. Also, Attain (the sole vendor of Ada vouchers) went out of business, and the CF, under their original leadership and despite auditing the sale, refused to take over the redemption process post-launch. These factors caused much heartburn and delays in what should have been a straightforward process. I will also remind everyone that 99.8 percent of all Ada Vouchers sold were redeemed by their original buyers. After seven years, the remaining 0.02 percent were returned to the TGE and donated to Intersect through the same process that funded the Cardano Foundation. As we are now considering litigation against those slandering us, we will make no further statements until the closing report is published. We will then send letters to the relevant parties demanding retractions and apologies.

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