Cardano Price Dips to $0.80 Despite Hoskinson Getting Clean Chit Post Audit

The Coin Republic
The Coin Republic
ADA+2.51%

An independent third-party audit cleared Cardano founder Charles Hoskinson of allegations of ADA misappropriation that surfaced in May 2025, according to a report released on Sept. 3.

The audit addressed accusations made by X user Masato Alexander on May 7, who claimed Hoskinson unilaterally used genesis keys to control 318 million ADA tokens worth $619 million at the time.

The report concluded that all fund movements were legitimate and followed proper procedures.

May Allegations Questioned Fund Movements

Alexander’s accusations centered on the 2021 Cardano “Allegra” Hard Fork, which he claimed erased original ICO UTXOs holding 318 million ADA tokens.

Alexander alleged Hoskinson swept these funds into Cardano reserves through a two-step process involving the hard fork and subsequent MIR (Move Instantaneous Rewards) transactions.

The allegations suggested Hoskinson acted unilaterally to rewrite the Cardano ledger, comparing the...

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