Cardano Audit Probes $600M ADA Gap – Was Treasury Looted?

ADA Cardano As allegations of stealth transfers and unilateral ledger changes rock Cardano, the community awaits answers from a treasury audit that raises the stakes not just for founder Charles Hoskinson but for the project's future credibility and community trust. Journalist Hassan Shittu Journalist Hassan Shittu About Author Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in... Author Profile Share Copied Last updated: May 18, 2025 Why Trust Cryptonews Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews Key Takeaways: Artist Masato Alexander claims that a 2021 hard fork allowed Cardano’s team to move 318M ADA from presale wallets to reserves. Intersect confirms it received only $7M, far short of the $619M in question. The controversy rekindles old doubts about Cardano’s early token distribution and governance mechanisms. The Cardano Foundation is preparing to release an audit of its treasury holdings after new allegations surfaced accusing founder Charles Hoskinson of misappropriating over $600 million worth of ADA tokens. The controversy centers on a 2021 transaction during the Allegra hard fork, in which 318 million ADA, valued at around $619 million at the time, was moved from presale addresses into the Cardano reserves. The move has also sparked accusations of unilateral control and manipulation of the blockchain ledger. Cardano Faces Tough Questions Over ADA Transfers. Non-fungible-token artist Masato Alexander brought the claims to light, alleging... https://cryptonews.com/news/cardano-audit-600m-ada-misuse-claims/ #crypto #bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #cryptonewstoday ***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT! This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research. bitcoin, blockchain, crypto, cryptocurrency, altcoin, investment, ethereum, bitcoin crash, xrp, cardano, ripple