Overview

• The 128-page third-party investigation by McDermott Will & Emery and BDO, published Sept. 3–4, concludes the allegations against IOG and Charles Hoskinson lack basis.
• As of Aug. 15, 2025, 99.2% of vouchers representing 99.7% of ADA sold had been redeemed through on-chain processes and a Post‑Sweep Redemption Project.
• The report documents that remaining unclaimed ADA was legally transferred in 2023 to Cardano Development Holdings for ecosystem use under Intersect governance.
• Auditors clarify that vouchers used redemption codes rather than private keys and that the codes remained valid, countering claims tied to the 2021 Allegra upgrade.
• Findings note only about 6% of buyers were 65 or older, with 14 vouchers from that group still unredeemed, as Hoskinson urges apologies and EMURGO backs the report’s conclusions.