Cardano To Release ADA Holdings Audit In August With Hoskinson Leading Public Reveal

Barely three months after being accused of misappropriating ADA tokens, Charles Hoskinson expects a full audit report to be released in August. Meanwhile, the Cardano founder is waving the threat of a defamation lawsuit against his accusers ahead of the public release.

Charles Hoskinson Reveals Timeline For Cardano Audit Report

In an X post, Cardano founder Charles Hoskinson has disclosed plans for the imminent release of an audit report into the handling of ADA tokens from 2021. The audit report seeks to reveal the ADA holdings of Hoskinson’s Input Output Global (IOG), the firm behind the Cardano blockchain.

Hoskinson says he has received the first copy of the audit report but is pushing for more details in key areas before a public reveal. The Cardano founder is eyeing a mid-August release for the audit report if every goes according to plan.

Hoskinson is pushing for full transparency with the release of the audit, pledging to read the entire report via livestream. Furthermore, Hoskinson says a dedicated website will host the report and will be available for the Cardano community to access.

“I just received the first copy of the audit report,” said Hoskinson. “I requested a lot more detail and context in several areas, but it’s shaping up quickly.”

Input Output Global Chief Legal Officer Joel Telpner reiterated Hoskinson’s statement on the timeline of the release. However, Telpner did not disclose the name of the law firm and audit firm handling the investigation.

Amid Hoskinson’s disclosure, Cardano price rallied 4.19% to trade at $0.86, joining the rest of the crypto market rally.

Brandishing A Defamation Lawsuit Against Accusers

Back in May, several individuals accused Hoskinson of misappropriating 350 million unclaimed ADA tokens. At the time, the Cardano founder revealed he was “deeply hurt” after the allegations, while maintaining his innocence.

In his latest tweet, Hoskinson says he is meeting with a defamation law firm in the coming days, sparking claims of an incoming lawsuit. He notes that the accusations have caused “hundreds of millions of dollars of brand damage against Cardano.” Amid the allegations, Hoskinson has received pushback from a cross-section of the ecosystem over plans to convert ADA reserves to stablecoins to address Cardano liquidity woes.

However, some community members are arguing that the lawsuit against the accusers could turn against Cardano. They opine that mainstream media can flip the script to print stories of Hoskinson suing users of the Cardano blockchain.

Despite the swirling allegations, the blockchain is still pulling institutional weight. Coinbase launch wrapped ADA on Base to boost Cardano DeFi utility after the Leios upgrade.