His response? Transparency—delivered live.

Audit Report Incoming: Livestream Announcement Planned

Hoskinson announced he received the first draft of the audit report on Input Output Global’s ADA holdings. While he asked for more details in some sections, he said the report is “shaping up quickly.”

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If everything proceeds as scheduled, the public release is expected in mid-August. He plans to go over the entire document via livestream. A dedicated website will also host the full report and historical documents.

Firm Response to $600 Million Allegations

The audit process was initiated following allegations that IOG mismanaged $600 million worth of Cardano ADA. Hoskinson denied the claims, stating:

“IOG never gave itself 350 million ADA. That’s a lie,” he said, adding that unclaimed ADA was donated to Intersect, a community-driven organization, after a seven-year wait.

Hoskinson also rejected accusations that he manipulated the Cardano ledger using a “genesis key” during the 2021 Allegra hard fork.

Legal Action on the Table

Hoskinson confirmed he is considering legal options. He said he is meeting with a defamation law firm to discuss potential strategies.

“No matter how many times people lie, they cannot change reality,” he said, vowing to clarify the full picture through the audit and livestream.

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Following MiCA’s rule that creators of crypto assets and service providers reveal sustainability indicators—in this case, derived from the Cardano Foundation, which manages the ADA cryptocurrency—the report was published on July 2.

The organization claims that it has teamed with CCRI to guarantee excellence in its blockchain data collection and monitoring system.

The paper underlines that Cardano uses much less energy than proof-of-work systems and relies on a more energy-efficient consensus protocol.

Together with the marginal power demand per transaction per second, it also provides the Cardano network’s total annualized electricity consumption and carbon footprint.

Furthermore, included in the report are sustainability measures consistent with the European Securities and Markets Authority’s draft regulatory technical guidelines.

Developing MiCA-compliant sustainability measures would help the Cardano Foundation to both guarantee adherence to the forthcoming EU rules and create a baseline for the crypto sector, according to Frederik Gregaard, CEO of the foundation.

He advised the sector to start a six-month countdown to apply important ESG binding criteria, as the MiCA rules are only partially applicable this week.

“As the crypto market matures and the MiCA rules come into full effect, such efforts will be crucial in building trust with regulators, investors, and users alike, paving the way for wider adoption of blockchain technology in a sustainable manner.”

Gregaard said this project shows how blockchain systems may solve ESG issues, including environmental impact, while preserving openness and efficiency.

Under the MiCA package, the first phase of slow rules underlined on stablecoins started on June 30. December will see the introduction of rules affecting crypto asset service providers, influencing ecosystems like Cardano.

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