The founder of Cardano denies the allegations of misappropriation of ADA and plans to take legal action in response.

In a recent public opinion storm, Cardano founder Charles Hoskinson responded to allegations that he used the genesis key to transfer over $600 million worth of unclaimed ICO tokens.
Hoskinson stated that these accusations are highly personal and destructive. He posted on social media criticizing the damage these accusations have done to his reputation and pointed out that this incident has reshaped his view of his relationship with the Cardano community.

Hoskinson stated that despite his constant struggle on the front lines, these accusations, without solid evidence, may have weakened the trust and connection between him and certain individuals, possibly more than he had imagined.

On May 7, Hoskinson responded for the first time to such accusations. He rebutted that investors redeemed 99.8% of the ADA vouchers, while the remaining 0.2% would be returned to the token issuer according to the agreement's rules after the seven-year term ends and donated to Cardano's ecosystem member organization Intersect.
In addition, Hoskinson revealed that an external audit report will be released soon to clarify the details of the redemption history and crowdfunding process. He also plans to transfer the management of social media accounts to the media team after the audit results are published, to reduce his direct involvement in social media.
He also stated that Input Output Global (IOG) may take legal action against those who continue to accuse him of transferring unclaimed ADA from the 2017 Cardano token generation event.

At the same time, the Cardano Foundation also issued a statement welcoming the third-party audit of IOG on May 19, and suggested that it include all MIR transactions, balances, and any returns generated during the fund management period.
Although most of the pre-sale ADA vouchers have been redeemed, there are still a small number that have not been exchanged. At the same time, the Shelley hard fork will render the unexchanged ADA tokens invalid, so it is necessary to complete these token exchanges as soon as possible.
As events unfold, community members and investors will pay closer attention to the audit results and the progress of legal actions in hopes of obtaining more comprehensive information.
This incident also reminds the entire industry that while rapidly developing, it is essential to continuously strengthen compliance and communication mechanisms to maintain the long-term healthy development of projects and the stability of the community.
#Cardano # ADA misappropriation allegations #Hoskinson