Compass Investments

Cardano’s Hoskinson says IOG’s ADA audit will be released by mid-August.

This comes after IOG was accused of misappropriating a significant amount of Cardano.

Hoskinson also intends to sue those who spread the allegations.

Charles Hoskinson, co-founder of Input Output Global (IOG), the developer of the blockchain and Cardano platform, has promised to disclose information about the ADA assets owned by IOG. He expects this to happen by mid-August.

In a post on X, Hoskinson said he just received the first version of the audit report. After receiving it, he asked for further details and clarification on some points.

The Cardano blockchain co-founder expects the final version to be released next month if the pace of work remains the same and there are no delays.

IOG was previously accused of illegally receiving a large amount of Cardano. Based on these accusations, the company allegedly acquired about $600 million in Cardano.

Hoskinson decided to respond to these allegations. He promised that a detailed audit report on his company’s assets will be available next month and stated that the accusations are false. He said the allegations show a lack of trust in the community and he is very upset.

Hoskinson also responded to the allegations in a post on X, saying that IOG did not distribute the 350 million unclaimed ADA to each other – an allegation he strongly denied. He explained that most of the ADA had already been claimed, and the remainder, unclaimed for seven years, was given to Intersect. Hoskinson emphasized that no matter how many lies are repeated, they cannot change the truth.

Among the community members who made the accusations was Masato Alexander, an artist specializing in unique tokens. According to Alexander, Hoskinson was the mastermind behind the Cardano takeover.

He previously claimed that the IOG co-founder used a “genesis key” to manipulate Cardano’s ledger in 2021 during the Allegra hard fork, generating about $619 million worth of Cardano.

However, despite these allegations, Hoskinson did not renege on his promise to provide a detailed version of the audit soon after its release.

As for those who are spreading these allegations, Hoskinson intends to sue them. To demonstrate the seriousness of the situation, he said he will meet with professionals from a law firm specializing in libel defense next week to discuss their possible actions and plans. Hoskinson said that not having the benefit of the doubt indicates that he doesn’t have the relationship he thought he had with some people.

According to the scenario provided by the IOG, a secondary market transaction called Move Instantaneous Rewards was made public on October 24, 2021. In the course of it, approximately 318 million cardanos were moved. At that time, the funds moved from the reserve pools to the Treasury accounts.

After the transaction, Hoskinson said the Cardano acquisition had been available for more than three years. He said the first buyers acquired most of Cardano’s 350 million over seven years.

Hoskinson plans to take it to the next level when all these charges are settled. Perhaps he’ll turn over his X account to the media team and change the format of the AMA and X-spaces.