Ten years of controversy come to an end! The forensic report confirms that the Cardano ADA voucher program is not fraudulent.

After ten years of controversy and accusations, the latest independent forensic investigation has finally vindicated the early voucher program of Cardano (ADA). A 150-page report commissioned by Input Output and jointly completed by the law firm McDermott Will & Emery and the accounting firm BDO states that there is no evidence of fraud, insider abuse, or obstruction of redemptions regarding the program, concluding that these accusations are “baseless.”

Background and Scope of the Survey

This report, published on September 2, 2025, conducts an in-depth investigation into long-standing allegations circulating within the community, including:

Are insiders illegally transferring unexchanged ADA?

Is the blockchain upgrade being manipulated to prevent exchanges?

Is there any misconduct towards specific groups of investors (such as elderly investors)?

The investigation team reviewed tens of thousands of documents, conducted blockchain and forensic analysis, and interviewed 18 relevant individuals, including former employees and voucher holders.

The exchange rate is close to full amount, long-term rumors debunked

The survey results show that 14,282 vouchers (accounting for 99.7% of total sales) have been successfully redeemed, with only 390 vouchers (approximately 318 million ADA) remaining unclaimed by the end of the redemption period in the Byron era in 2017.

Contrary to the view that “senior investors are the main victims,” only 6.1% of vouchers were sold to individuals aged 65 and above, of which only 14 have not been redeemed.

To track the remaining coupon holders, Input Output launched the “Redemption Program after Scanning”, even hiring consultants and private detectives, ultimately pushing the redemption rate close to 100%.

Uses and Fund Flow of Unexchanged ADA

Regarding the unredeemed ADA, the report indicates that in 2023, 68.25 million ADA was transferred to the Cardano Development Holdings Foundation located in the Cayman Islands, regulated by the non-profit organization Intersect.

These funds are used for:

1. Ecosystem Infrastructure Contract

2. Community Projects and Funding

3. Long-term Development Fund

Intersect was jointly established by Input Output and EMURGO in July 2023, with each company donating $500,000 annually as an operating budget. The funding payment process is under strict monitoring and is executed through contractors.

The strongest rebuttal to community doubts

This report directly refutes the long-standing accusations circulating on social media—that insiders at Cardano are profiting by preventing early investors from redeeming ADA.

Input Output states that the complete public report is to ensure transparency and encourage community members to review the details themselves.

Conclusion

The decade-long controversy has finally come to an end. The forensic report not only clears Cardano's early voucher program of any wrongdoing but also showcases Input Output's efforts in fund management and community trust. As the ADA ecosystem continues to expand, this report is expected to become an important milestone in solidifying investor confidence.