Hoskinson responded that the numbers had been misread. “Because you cannot read,” he told Alexander, “the vast majority of that 350 million ada was redeemed by the original buyers. It took seven years.” In a detailed post he explained that the TGE’s smart-contract design required a full seven-year waiting period before unclaimed vouchers could be recalled. He also pointed to the collapse of Attain, the original third-party voucher vendor, and to the Cardano Foundation’s decision in 2017 not to assume the voucher redemption work, as the primary reasons “many people at IOG have spent years of their lives, thanklessly, on this program.”
The Cardano founder said the TGE entity is now “in the last stages of the redemption process since the final buyer is nearly through with his claim.” Once the final claim is processed, Hoskinson wrote, “the final act of the TGE will be to issue an externally audited report on the entire crowdsale and the redemption history to the founding entities and Intersect. It will then begin the process of shutting down.” That report, he added, will form the basis for any legal action IOG may pursue against commentators who continue to allege misconduct: “Should they continue to assert that IOG stole funds, we will pursue legal action.”
Hoskinson further threatened the possibility of litigation. “As we are now considering litigation against those slandering us, we will make no further statements until the closing report is published. We will then send letters to the relevant parties demanding retractions and apologies.”
At press time, ADA traded at $0.70.
