Cardano’s ADA Voucher Program , buried in the past, kinda like that old jacket you never wear but swear you’ll fix.
Some loudmouths on social media scream, fraud! Insider theft! Elderly investors screwed over!
But then, boom! The forensic report drops like a punch, knocking those accusations right outta the ring.
Investigation at the Input Output
Input Output, the comppany behind Cardano hired some top-notch muscle, McDermott Will & Emery as lawyers, ya know, and BDO, number crunchers supreme, to dig deep. No stone left unturned, no shady back alley ignored.
They sifted through tens of thousands of documents, ran blockchain forensics like a hawk on a steak, and grilled 18 people, from lads who sold those vouchers to the old-timers who actually used ’em.
The result? No fraud found. Zip. Nada. The claims that insiders cooked the books, manipulated upgrades to block redemptions, or pilfered unredeemed ADA tokens? Pure hot air.
The 150-page report, fresh off the presses says those accusations don’t have any basis. Meaning? Keep your pitchforks in the rack, people.
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Unclaimed ADA vouchers
Now, about those vouchers, 14,282 in total, covering almost every single ADA token sold in the program, 99.7% redeemed.
That’s like getting your paycheck almost entirely in crisp bills instead of IOUs.
And hey, the talk about grandma and grandpa getting ripped off? Only 6.1% of vouchers went to people over 65, and outta those, just 14 vouchers are still in limbo. Safety nets were in place, distributors caught cheating got the boot.
When the Byron-era redemption wrapped in 2017, a few hundred vouchers still hung around unclaimed.
But here’s the ace in the hole, Input Output didn’t just shrug and walk away. Nah, they launched a Post-Sweep Redemption Project, like private detectives on a mission, tracking down those last voucher holders.
Result? Redemption rates shot up to nearly 100%. That’s customer service with a vengeance.
Then the money question. What about all that ADA from unredeemed vouchers?
In 2023, 68.25 million tokens, likely never to be redeemed, made their way to Cardano Development Holdings out in the Cayman Islands. But those funds weren’t disappearing into someone’s offshore cigar fund.
They fueled the ecosystem, continuity contracts, grants, community projects, things like this, you know.
Overseen by Intersect, a watchdog created by Input Output and EMURGO, each pitching half a million bucks yearly to keep things honest.
Doubts are gone, the project is clean
So, this forensic report? It’s the strongest rebuttal yet to the gossip claiming insiders got fat on early investors’ losses.
Input Output dropped the full 150-page dossier to ensure transparency, inviting the community to read and judge for themselves.
Moral of this story? In crypto, sometimes what sounds like a blockbuster conspiracy turns out to be a well-oiled redemption engine.
Cardano’s ADA Voucher Program, once a battleground of doubt, now stands cleared.
Cryptocurrency and Web3 expert, founder of Kriptoworld
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With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
