Cardano, the audit clarifies: 99.7% of ADA vouchers have been redeemed — here’s where the 0.3% goes

September 3, 2025 — A joint audit by Input Output Global (IOG), McDermott Will & Emery, and BDO confirms, as reported by Crypto Briefing and the documentation published on the official verification portal, that 99.7% of ADA vouchers have been redeemed.

For the full report and executive summary, transparency material made public by the parties involved is available. The report, published today, does not reveal any unlawful conduct and details how the remainders are managed.

In this context, it offers an orderly overview of the redemption process and the audits conducted.

According to the data collected from the transparency portal, the investigation was initiated in May 2025 and the final report was published on September 3, 2025, with accounting and forensic verification conducted by external teams.

Industry analysts note that the figure of 99.7% indicated in the report corresponds, in the detailed presentation, to approximately 25.85 billion ADA redeemed, leaving a 0.3% allocated to ecosystem initiatives managed through Cardano Development Holdings.

For official documents and the PDF of the report, consult the transparency portal and the release notes.

Who signs the audit and what it contains

The analysis was conducted by IOG together with the international law firm McDermott Will & Emery and the auditing company BDO.

That said, the document reconstructs the redemption phases, verifies the on‑chain traceability of transactions, and describes the policies adopted for unclaimed ADA, outlining the methodological framework.

According to the auditors, the processes were structured, with public records on the Cardano blockchain and cross-checks on addresses, times, and amounts. It must be said that the chain of evidence is presented consistently with the stated procedures.

Key Numbers at a Glance

• 99.7%: total percentage of redeemed vouchers, data published on September 3, 2025, and confirmed by the audit documentation.
• 0.3%: reserves allocated – through Cardano Development Holdings – to development initiatives and to community funds, as indicated in the report.
• Approximately 25.85 billion ADA: value indicated in the summary as the total amount associated with 99.7% of the redeemed vouchers (report data with evaluation date September 3, 2025).
• No fraud detected: the allegations are not supported by the accounting and forensic evidence collected, according to the auditors.

On-chain traceability: how it was verified

The report describes a multi-step validation: reconciliation between voucher lists, UTXO analysis, and temporal consistency checks on addresses and movements.

In fact, the auditors report sample tests on transactions and chains of custody, with findings on the public blockchain and on internal documentation, following replicable criteria.

Result: each phase of the redemption is reconstructible and associated with verifiable evidence. An outcome considered consistent with the described controls.

From Accusations to Verification: The Essential Timeline

• 2020 — With the Allegra hard fork – as also highlighted by the IOHK Blog – critical reconstructions emerge regarding token movements and the use of genesis keys.
• Spring-Summer 2025 — New disputes reignite the debate on the management of vouchers, at multiple levels.
• May 2025 — IOG hires McDermott Will & Emery and BDO to conduct the independent investigation and begins gathering evidence.
• September 3, 2025 — Publication of the final report with a favorable outcome for the redemption process, as anticipated.

Quick FAQ

Did the audit find irregularities?

No. The auditors did not identify evidence of misconduct or fraud. Therefore, the allegations are not supported by the analyses presented.

What happens to the unclaimed 0.3%?

The remaining funds are allocated to ecosystem development initiatives and for the community, with governance through Cardano Development Holdings, as outlined in the report.

Are transactions viewable?

Yes. The movements are recorded on-chain and can be navigated through public explorers and the documentation made available in the transparency portal; in practice, they are verifiable by anyone.

What has changed and what remains to be clarified

What has changed

• Greater transparency on processes and the destination of surpluses, with clearer documentary details.
• Introduction of external forensic controls and legal review, to support independent verification.
• Alignment of redemption policies with more rigorous accountability practices, in line with established practices.

What remains to be clarified

• The precise amount of holdings in ADA and the equivalent value in USD/EUR on the evaluation date: the report indicates the percentage allocation, but the conversion into fiat requires specifying the date/time of the exchange rate.
• A detailed list of the beneficiaries and the schedule for the allocation of the remaining amounts, which must be made public to complete the reporting.
• Any textual excerpts from the report and auditors for complete contextualization; currently, the executive summary and supporting documents are available on the transparency portal.

Implications for Governance and Trust

The confirmation that 99.7% of the vouchers have been redeemed, along with the absence of illicit activities, strengthens the credibility of the historical distribution process of ADA.

The governance, by publishing evidence and methodologies, raises the level of due diligence required in crypto projects with a legacy from pre-sale or vouchers. Indeed, the collection of findings facilitates independent evaluation by observers.

Editorial Note: To complete the article, direct links to the PDF of the report, quotes from the auditors, and the quantification of the remaining balances (ADA and equivalent value in USD/EUR with indication of the date/time of the exchange rate) are needed.

Update in progress. To consult the official audit documents and transparency materials, visit the official verification portal.

Transparency Portal – ADA Redemption