An independent investigation commissioned by Input Output found no evidence to support accusations of fraud or misconduct in Cardano’s decade-old ADA Voucher Program, according to a forensic report released on.
The review, conducted jointly by law firm McDermott Will & Emery and accounting firm BDO, examined public claims that insiders misused ADA, manipulated blockchain upgrades to block redemptions, or improperly diverted unredeemed tokens.
The 150-page report, dated Sept. 2, 2025, concluded the allegations “do not have any basis.”
Redemption efforts and findings
Investigators reviewed tens of thousands of documents, carried out blockchain and forensic analyses, and interviewed 18 people ranging from former employees to voucher holders.
Their findings showed that 14,282 vouchers, representing 99.7% of all ADA sold in the program, were successfully redeemed through a mix of on-chain redemptions and a follow-up recovery initiative.
Contrary to claims that elderly investors were disproportionately targeted, only 6.1% of vouchers were sold to people over 65. Of those, just 14 vouchers remain unredeemed.
The report said the program included safeguards to prevent misrepresentation, and distributors who broke rules were suspended. When Cardano’s Byron-era redemption process ended in 2017, 390 vouchers, worth 318 million ADA, remained unclaimed.
Input Output launched a “Post-Sweep Redemption Project” that deployed consultants and private investigators to track down voucher holders. That effort raised the overall redemption rate to near totality.
Use of unredeemed funds
The report also addressed concerns about unredeemed ADA. In 2023, 68.25 million tokens judged unlikely to be redeemed were transferred to Cardano Development Holdings, a Cayman-based foundation overseen by the nonprofit Intersect.
Those funds supported ecosystem growth through continuity contracts, grants, and community projects. Intersect was formed in July 2023 by Input Output and EMURGO, which each pledged $500,000 annually to the group’s operating budget.
The report said much of the transferred ADA went toward contracts with Input Output Infrastructure, which in turn paid subcontractors under strict monitoring procedures.
The findings mark the strongest rebuttal to long-running social media accusations that Cardano insiders enriched themselves at the expense of early investors. Input Output said it released the full report to “ensure transparency” and encouraged community members to review it.
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