Cardano founder Charles Hoskinson has announced that there will be an independent investigation into the ADA reserves of his organization Input Output Global (IOG). The course of ADA responded immediately: it rose by almost six percent to the highest point since March.
Hoskinson wants to play open card about ADA reserves
In an X-post on Sunday, Hoskinson announced that he has viewed the provisional report and asked for extra explanations. The final version is expected to be made public within a few weeks.
The audit is carried out by two renowned parties: Law firm McDermott Will & Emery and Accountantsbureau BDO. Both specialize in blockchain, fintech and digital forensics.
The control focuses on the ADA reserves of IOG, including the historical allocation and tokens that have never been claimed since the start of Cardano.
619 million dollars in Ada? Rumors
The reason for the investigation is accusations from the Cardano community. According to critics, IOG would have moved around $ 619 million to Ada during the Allegra Hard Fork in 2021, without the Community’s permission.
They state that this would have happened through a so -called “Genesis Key”. Hoskinson denies that and says that the vast majority of this ADA was claimed years ago by the original buyers. The remaining part would have been transferred to Intersect, the organization that supervises the cardano ecosystem.
Hoskinson calls the allegations a coordinated disinformation campaign and is considering legal steps due to defamation. He works together with a specialized law firm.
Ada Koers responds explosively
The announcement of the audit immediately brought movement to the market. The ADA Koers rose today by 5.77 percent to $ 0.90, the highest level in months. The trade volume almost doubled and exceeded $ 2 billion.
According to technical analysts, the prospects are promising. The MacD Bullish is crossed on the weekly graph, which is often seen as the start of an upward trend. ADA was also broken on a monthly basis by an important advancing average. That has only happened three times before since 2020. A sturdy rally followed every time. Yet some traders remain careful and point to the chance of a relapse towards $ 0.70 if the outbreak does not last.
The fact that Cardano takes the initiative can not only restore trust in ADA, but also raise the bar for other crypto projects.
Source: https://newsbit.nl/cardano-audit-komt-eraan-ada-koers-stijgt-hard-na-verklaring-van-hoskinson/
