Dear Cardano Community, As you know, in May 2025, IOG engaged McDermott Will & Schulte and BDO to conduct an Investigative Report and Forensic Audit concerning the ada Voucher Program, redemptions of Vouchers, Cardano blockchain upgrades, and the use of ada associated with unredeemed Vouchers.  It is now complete!  The 128 page Investigative Report and Forensic Audit, dated September 2, 2025, documents certain milestone events and decisions in Cardano’s 10 year history and investigates a series of public accusations made on social media alleging wrongdoing concerning the Topics of the Investigative Report and Forensic Audit.   The public accusations included five principle allegations: (1) Cardano insiders stole or otherwise misused ada that should have been allocated to Voucher Holders; (2) improper sales tactics were used in connection with the Voucher Program; (3) Cardano blockchain upgrades were designed to make it difficult to redeem Vouchers; (4) Cardano blockchain upgrades deleted Voucher Holders’ “private keys” or assets; and (5) that Cardano insiders had no legal right to send unredeemed ada to CDH and decide how to spend it. I am pleased to report that the Investigative Report and Forensic Audit reaches the following conclusion: “After review of tens of thousands of documents, a forensic on-chain and traditional forensic analysis, and eighteen formal interviews of current employees, former employees, Voucher Holders, service providers, community members, and other third parties, the Investigation determined that each of the allegations related to the Topics of Investigation do not have any basis.” I encourage anyone interested to read the Investigative Report and Forensic Audit.  It may be found in its entirety here: adaredemptiontransparency.co… It has been a long ride, and I want to personally thank the Cardano Community for your patience and support.

5/5 This is the first time Cardano’s on-chain governance is facing this kind of decision at scale. We don’t have all the answers but this is a chance to take the next step together, with care and community input. Review the voting pack before voting: bit.ly/voting-pack DReps: vote now on Ekklesia ➡️ bit.ly/withdrawal-poll