- Cardano to release ADA audit results in August.
- Led by founder Charles Hoskinson.
- Addresses allegations of fund misappropriation.
Charles Hoskinson, Cardano’s co-founder, announced that the firm will release a full audit of ADA holdings in August. This comes amidst significant allegations concerning ADA fund mismanagement.
Charles Hoskinson, Co-founder, Cardano, “Just received the initial copy of the audit report. I’ve requested more details and background for clarity in several places. Assuming the work rate continues, the full audit will be public by mid-August. As always, I categorically deny all accusations regarding mishandling or misappropriation of ADA” source
Whether the audit will restore confidence in the community is yet to be determined, but its potential impact could extend to Cardano’s market performance and governance transparency.
Input Output Global, headed by Charles Hoskinson, is spearheading the audit in response to community claims regarding ADA mishandling. Allegations involve up to $619 million potentially misappropriated during the 2021 hard fork.
Hoskinson contests all allegations, emphasizing transparency.
Financial outcomes are crucial for ADA, which currently trades at $0.8389. Hoskinson aims to dispel community concerns, promising findings via a website and livestream. Previous allegations have triggered market volatility across similar major blockchain projects.
Potential technological and regulatory shifts could arise following the audit, echoing patterns seen with other blockchain foundations. The audit’s findings may provoke broader industry changes, with possible governance revisions to reinforce compliance and trust within the community.
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