Charles Hoskinson, Cardano founder, vows to livestream the upcoming Cardano (ADA) audit report, expected in August.
Charles Hoskinson, the founder of Cardano, has announced that an audit of Input Output Global’s (IOG) ADA holdings is nearly prepared for public publication. He intends to livestream the complete report upon its completion.
Hoskinson stated in a recent post on X that the report is “shaping up quickly” due to his request for additional context and transparency in several critical sections.
“I am confident that we are on track for a mid-August release, provided that the work continues at this rate and there are no setbacks,” Hoskinson stated on Saturday.
Hoskinson Faces Scrutiny Amid $600M ADA Misappropriation Allegations
The audit results from allegations made earlier this year, including accusations that Hoskinson misappropriated $600 million in ADA by manipulating the Cardano ledger.
Masato Alexander, an NFT artist, alleged that Hoskinson used a “genesis key” to acquire control of $619 million during the 2021 Allegra hard fork on Cardano.
Hoskinson has debunked the accusations and expressed his “profound anguish” at the community’s diminished trust.
“IOG did not allocate 350 million unclaimed ADA to itself.” In May, he wrote, “This is a fabrication.” “The vast majority was claimed, and the remaining portion was donated to Intersect after seven years of waiting.”
Hoskinson committed to publishing the audit on a dedicated website and stated that the livestreamed reading would guarantee complete transparency. “Historical artifacts from the sale” will also be included on the site, he added.
In addition to the audit, Hoskinson contemplates legal actions against the individuals who made the allegations. He stated, “I will meet with the defamation law firm next week to discuss our options and strategy.”
According to CoinMarketCap data, ADA is trading at $0.8842, representing a more than 5% increase from the previous day.
Despite a rise of over 51% in the past month, the token remains 73% below its all-time peak of $3.10, which was achieved in early 2021.
Cardano Pursues DeFi Expansion Through Stablecoin Negotiations
Hoskinson verified that discussions with Circle and Tether regarding integrating stablecoins USDC and USDT into the Cardano network were underway earlier this month.
Although the Cardano community regards this as a positive development, Hoskinson emphasized that adding stablecoins alone will not transform the ecosystem.
Hoskinson contended that significant stablecoins will not “magically supercharge” Cardano’s DeFi space.
Instead, he underscored the necessity of user adoption and foundational infrastructure to expand the ecosystem beyond the hoopla.
Cardinal, a novel protocol developed by Hoskinson, was introduced last month to integrate Bitcoin-native DeFi into Cardano.
The protocol preserves the trustless nature and liquidity of Bitcoin while enabling holders to access Cardano’s smart contracts with minimal fees.
Cardinal employs a non-custodial wrapping architecture based on BitVMX, HTLCs, and MuSig2 to generate wrapped BTC and Ordinals for trading, lending, and borrowing.
These assets are transferable, redeemable, and fixed 1:1, with fraud-proof mechanisms that prevent rehypothecation and centralized custody risks.
The protocol is designed to connect the programmability of Cardano with the capital of Bitcoin and is compatible with other Layer 1 chains.
