Technical mechanics & ledger claims

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Masato Alexander cited a Move Instantaneous Rewards (MIR) transaction from October 24, 2021, showing a transfer of 318 million ADA, as evidence of alleged misuse of Cardano’s reserve pool

Attain Corporation, a Tokyo-based firm that conducted Cardano’s ICO, raising approximately $62 million by selling ADA vouchers under full KYC/AML compliance on behalf of the project’s founding entities, eventually went bankrupt

Charles Hoskinson explained that after Attain Corporation’s closure, IOG deemed the legacy redemption process insecure and conducted an off-chain sweep of unclaimed ADA, revalidating eligible buyers through legal and exchange partners as a consumer protection step

Charles Hoskinson stated that the unclaimed tokens from Cardano's ICO were moved into a custodial account, only after Attain’s bankruptcy left no party able to process late redemptions safely, and donated to Intersect, an organisation supporting Cardano’s governance and development

Charles Hoskinson rejected the claims, stating that 99.8% of the ADA from the ICO was redeemed by original buyers and the remainder was forfeited after seven years due to unclaimed redemptions

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