An unbiased investigation commissioned by Enter Output discovered no proof to help accusations of fraud or misconduct in Cardano’s decade-old ADA Voucher Program, in line with a forensic report launched on.
The assessment, performed collectively by regulation agency McDermott Will & Emery and accounting agency BDO, examined public claims that insiders misused ADA, manipulated blockchain upgrades to dam redemptions, or improperly diverted unredeemed tokens.
The 150-page report, dated Sept. 2, 2025, concluded the allegations “do not need any foundation.”
Redemption efforts and findings
Investigators reviewed tens of 1000’s of paperwork, carried out blockchain and forensic analyses, and interviewed 18 individuals starting from former staff to voucher holders.
Their findings confirmed that 14,282 vouchers, representing 99.7% of all ADA bought in this system, have been efficiently redeemed by a mixture of on-chain redemptions and a follow-up restoration initiative.
Opposite to claims that aged buyers have been disproportionately focused, solely 6.1% of vouchers have been bought to individuals over 65. Of these, simply 14 vouchers stay unredeemed.
The report mentioned this system included safeguards to stop misrepresentation, and distributors who broke guidelines have been suspended. When Cardano’s Byron-era redemption course of led to 2017, 390 vouchers, price 318 million ADA, remained unclaimed.
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Enter Output launched a “Publish-Sweep Redemption Mission” that deployed consultants and personal investigators to trace down voucher holders. That effort raised the general redemption price to close totality.
Use of unredeemed funds
The report additionally addressed issues about unredeemed ADA. In 2023, 68.25 million tokens judged unlikely to be redeemed have been transferred to Cardano Growth Holdings, a Cayman-based basis overseen by the nonprofit Intersect.
These funds supported ecosystem progress by continuity contracts, grants, and group initiatives. Intersect was shaped in July 2023 by Enter Output and EMURGO, which every pledged $500,000 yearly to the group’s working finances.
The report mentioned a lot of the transferred ADA went towards contracts with Enter Output Infrastructure, which in flip paid subcontractors below strict monitoring procedures.
The findings mark the strongest rebuttal to long-running social media accusations that Cardano insiders enriched themselves on the expense of early buyers. Enter Output mentioned it launched the total report back to “guarantee transparency” and inspired group members to assessment it.
