Overview

• Input Output Global published an independent probe by McDermott Will & Emery with BDO that found the public allegations had no basis after extensive document review, on-chain forensics, and 18 interviews.
• As of Aug. 15, 2025, investigators reported 99.2% of vouchers redeemed, representing 99.7% of ADA sold through the pre-launch program.
• In 2023, 68.25 million unredeemed ADA judged unlikely to be claimed were transferred to Cardano Development Holdings to support continuity contracts, grants, and community projects via Intersect.
• The report clarified that vouchers used redemption codes rather than private cryptographic keys, attributing confusion to translation errors, and noted that distributors who violated rules were suspended.
• Claims of targeting elderly investors were refuted, with only 6.1% of vouchers sold to people over 65 and just 14 such vouchers unredeemed, while Charles Hoskinson urged critics to apologize and move on.