Investigators find no fraud in Cardano’s decade-old voucher initiative in forensic report
An independent investigation commissioned by Input Output found no evidence to support accusations of fraud or misconduct in Cardano’s decade-old ADA Voucher Program, according to a forensic report released on.
The review, conducted jointly by law firm McDermott Will & Emery and accounting firm BDO, examined public claims that insiders misused ADA, manipulated blockchain upgrades to block redemptions, or improperly diverted unredeemed tokens.
The 150-page report, dated Sept. 2, 2025, concluded the allegations “do not have any basis.”
Redemption efforts and findings
Investigators reviewed tens of thousands of documents, carried out blockchain and forensic analyses, and interviewed 18 people ranging from former employees to voucher holders.
Their findings showed that 14,282 vouchers, representing 99.7% of all ADA sold in the program, were successfully redeemed through a mix of on-chain redemptions and a follow-up recovery initiative.
Contrary to...