IOG, the developer of Cardano, discredits fake rumors by undergoing significant auditing

In a recent development, an independent audit conducted by accounting firm BDO and law firm McDermott Will & Emery has debunked the latest "FUD" (Fear, Uncertainty, and Doubt) narrative related to the popular altcoin Cardano.

Joel Telpner, chief legal officer at Input Output, the company behind Cardano, made a statement about the audit findings. According to the audit, no evidence of fraud or misuse was found in Cardano's redemption process.

The audit results also addressed the allegations made by some quarters that Cardano insiders were accused of stealing or misusing ADA tokens that should have been allocated to voucher holders. However, the audit found that these accusations did not have any basis.

The ADA tokens were initially sold as digital vouchers during a presale in Japan. The audit found that a total of 14,282 vouchers (99.2%) were found to have been redeemed. This means that only 0.2% of ADA vouchers were redirected to the treasury.

The audit also debunked the accusations that Cardano's blockchain upgrades made it difficult to redeem the digital vouchers. There was no deliberate blocking of redemptions, according to the audit.

In May, NFT artist Masato Alexander accused Charles Hoskinson, co-founder of Cardano, of manipulating the Cardano ledger using a "genesis key" to seize 318 million unredeemed ADA tokens, valued at approximately $600 million. However, the audit did not address these allegations.

Hoskinson vehemently denied misusing the ADA tokens in question. He also stated that 99.8% of the ADA vouchers were redeemed, which further supports the audit's findings.

The audit also debunked the accusations that Cardano's early buyers were predominantly elderly people. According to the audit, only 6.1% of buyers were older than 65.

The audit was announced by Hoskinson to review transactions following the allegations made against him and Cardano. The search results do not provide information on which individuals have refuted the allegations against Hoskinson regarding the use of a so-called genesis key and the disappearance of 318 million ADA tokens as per the BDO and McDermott Will & Emery expert report.

Despite the audit's findings, the controversy surrounding Cardano continues. The ADA token's price has seen a significant drop since the allegations were made, and it remains to be seen how the market will react to the audit's results.

In conclusion, the independent audit conducted by BDO and McDermott Will & Emery has debunked the latest "FUD" narrative related to Cardano's redemption process. However, the allegations made by Masato Alexander regarding the manipulation of the Cardano ledger still remain unaddressed.