Charles Hoskinson Shuts Down New Genesis ADA Inquiry - U.Today

Cardano (ADA) founder Charles Hoskinson has dismissed new inquiries into the transparency of the audit on 318 million ADA from unredeemable presale vouchers. Hoskinson’s dismissal came as a reaction to a post by a user online seeking clarity into the handling of the asset worth $50 million.

Charles Hoskinson declares ADA audit matter closed

For context, the user, Darkhorse, did not accuse anyone of outright theft but argues that the audit report left some questions unanswered. He also noted that major transparency and governance gaps were left unresolved, and this is unacceptable, particularly since Cardano prides itself on operating a transparent DAO-driven ecosystem.

Darkhorse maintains that true transparency requires that the movement of such large sums get DAO approval and a public on-chain governance process. He queried whether the money appeared in the treasury and how expenses were defrayed.

According to him, the audit document felt like an “internal review,” not a forensic governance-level audit. He expected a more rigorous testing of the identified governance failures in the process.

However, Hoskinson insists the matter has been resolved and does not need further discussions or back and forth.

“It’s a closed matter. The ADA report is the last time I will ever discuss it. We were completely exonerated. The nightmare is over. Everyone needs to move on,” he wrote.

This suggests that the Cardano founder considers the audit report as final and any further conversations on the matter as irrelevant.

Cardano community divided as ADA price struggles

Hoskinson’s reply has sparked division in the Cardano community. Supporters are backing his stance that the matter has been adequately resolved, and the focus needs to shift to more pressing issues of growing the asset. They tagged the question as “rage baiting” and needless.

Meanwhile, critics say it is about maintaining governance standards in the community. These groups noted that declaring the matter “closed” without proper clarification does not truly resolve the issues.

Besides the current questioning, Hoskinson recently faced accusations of dumping ADA on the market, which has led to losses.

Notably, in the last four years, Cardano has suffered an 88% loss and trading below $0.40 on the cryptocurrency market. There were rumors that he sold ADA near the top when it exchanged hands at $3 in 2021 and refused to stock up now that the price is down.

Hoskinson has also denied the claims and called them “made-up noise” and a lie.

As of press time, Cardano exchanged hands at $0.3748, which represents a 0.35% increase in the last 24 hours.