based on materials from the site - By TheCoinrise Media

Charles Hoskinson, the founder of Cardano and CEO of Input Output Global (IOG), stated that an audit of IOG's assets in ADA tokens is currently underway. He expects the results to be published by mid-August.

The decision to conduct and publish the audit was made following public accusations of financial misconduct within the Cardano ecosystem.

Hoskinson faced a wave of outrage over allegations of controlling ADA
The audit announcement was first made on May 19 after serious allegations were raised against Hoskinson and IOG. Some claimed that the native Cardano token, ADA, worth $600 million was misused. These allegations raised significant concerns within the Cardano community.

This raised questions about how unclaimed ADA tokens, accumulated since the network's inception, were managed. The disputes intensified after several community members expressed concern about Charles Hoskinson's role in the 2021 Allegra hard fork.

Masato Alexander, the creator of non-fungible tokens (NFTs), was among those who accused him of using a special cryptographic 'genesis key' to rewrite the Cardano ledger.
Alexander claimed this gave Hoskinson control over ADA tokens worth $619 million. These statements reignited debates over transparency and control within the Cardano ecosystem.

The founder of Cardano denies allegations regarding ADA and awaits clarity in the audit results
In response, Hoskinson, an active participant in the crypto and blockchain industry, categorically denied these accusations. The founder stated that IOG did not misappropriate unclaimed ADA tokens. Instead, he explained that legitimate owners had already claimed the majority of these ADAs.
The remaining tokens, which had been unclaimed for over seven years, were transferred to a local community organization. Hoskinson denied accusations of altering the Cardano ledger. He confirmed that he is preparing to clarify the situation in detail after the audit results are published.

In a recent post on X, Hoskinson confirmed that he received the first version of the audit report. However, he requested additional information and clarifications on several sections of the report.
He also confirmed that, provided there is no delay in the work, the audit report will be ready by mid-August. Notably, this step was taken at a time when the leading blockchain platform is expanding its focus on developing a reliable set of Layer 2 (L2) solutions.

Plans for public access and legal action
After the audit is completed, Charles Hoskinson will hold a live stream to explain the contents of the report. He also plans to launch a website where the audit results will be available and to see records of how ADA tokens were distributed in the past.

Hoskinson is also considering legal action. He will meet with a law firm specializing in defamation to discuss taking measures against those who made false or defamatory statements.

By providing the audit results and taking these steps, Hoskinson hopes to restore trust in IOG and Cardano. The report is expected to clarify the situation regarding the company's ADA assets and answer community questions.


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