tl;dr
A forensic report commissioned by Input Output (IOHK) and conducted by McDermott Will & Emery and BDO has cleared Cardano of fraud allegations related to its ADA Voucher Program. The 150-page investigation found no evidence of insider manipulation, misuse of tokens, or improper fund diversion. The...
**Cardano’s ADA Voucher Program Under Scrutiny: Forensic Report Clears Cardano of Fraud Allegations**
A decade-long investigation into Cardano’s ADA Voucher Program has exonerated the project from allegations of fraud, misconduct, and insider exploitation, according to a 150-page forensic report released on September 2, 2025. Commissioned by Input Output (IOHK), the report—conducted by law firm McDermott Will & Emery and accounting firm BDO—found no evidence to support claims that insiders manipulated blockchain upgrades, misused tokens, or improperly diverted funds.
**Redemption Efforts: A Near-Complete Success**
The investigation reviewed tens of thousands of documents, blockchain data, and interviewed 18 individuals, including former employees and voucher holders. It revealed that 14,282 vouchers—99.7% of all ADA sold through the program—were successfully redeemed via on-chain processes and a dedicated recovery initiative. Only 14 vouchers, representing a minuscule fraction of the total, remain unredeemed.
Contrary to social media claims that elderly investors were disproportionately targeted, the report found that just 6.1% of vouchers were sold to people over 65. Of those, only 14 remained unclaimed. The program, the report noted, included safeguards such as suspending distributors who violated rules, ensuring transparency in the redemption process.
When Cardano’s initial Byron-era redemption process ended in 2017, 390 vouchers—worth 318 million ADA—remained unclaimed. IOHK’s “Post-Sweep Redemption Project” later deployed consultants and private investigators to locate holders, raising the redemption rate to near-totality.
**Unredeemed Tokens: Fueling Ecosystem Growth**
The report also addressed concerns about tokens left unclaimed. In 2023, 68.25 million ADA—judged unlikely to be redeemed—were transferred to Cardano Development Holdings, a Cayman-based foundation overseen by the nonprofit Intersect. These funds were used to support ecosystem growth through continuity contracts, grants, and community projects.
Intersect, formed in July 2023 by IOHK and EMURGO, receives $500,000 annually from each entity to fund its operations. The report highlighted that much of the transferred ADA was allocated to contracts with Input Output Infrastructure, which managed subcontractors under strict monitoring procedures.
**A Rebuttal to Longstanding Accusations**
The findings mark a decisive counter to years of social media allegations that Cardano insiders enriched themselves at the expense of early investors. IOHK emphasized the report’s release was aimed at ensuring transparency, inviting the community to review the full document.
While the program’s legacy remains a topic of debate, the forensic review underscores a commitment to accountability. For now, the evidence suggests that the ADA Voucher Program, once a lightning rod for controversy, may have been far more transparent and equitable than critics claimed.
What do you think? Was the program’s redemption process truly fair, or are there still unanswered questions about Cardano’s early days?