NEWSROOM
An Update on Cardano’s ADA Redemption Program
Between October 2015 and February 2017, ADA voucher sales took place across Asia. The purpose of these sales was to fund the early development of Cardano, laying a foundation for what would become one of the most advanced and research-driven blockchain networks in the world.
This pre-launch sale, conducted in four tranches, was the first in the crypto industry to implement Know Your Customer (KYC) guidelines, and the entire process was independently audited. More details of the original Genesis distribution can be found here.
In recent days, we have seen speculation and false allegations that have been made concerning the operation to redeem unclaimed ADA from the original crowdsale in Japan. Some valid questions have rightly been raised by the community. However, some of this activity is coordinated and clearly conceived to spread misinformation and FUD.
The ADA redemption program was a significant undertaking, conducted over many years, by a team set up specifically for this purpose.
Between 2021 and 2025, a collaboration of independent law and private investigation firms worked diligently to find and reunite remaining claimants with their ADA. As part of the localization efforts, three different investigation firms were engaged at different times to facilitate a comprehensive review, and the process was adjusted multiple times to account for various cultural and legal nuances.
When an eligible party with a valid claim was identified, they were contacted directly and informed of their entitlement to the unclaimed funds. With their approval, these individuals were then supported through a secure process to transfer to them the ADA they were due. The operation has been very successful, with c.99 percent of vouchers redeemed by their original buyers.
Despite comprehensive outreach—including multiple follow-ups, regional recovery mechanisms, and robust KYC verification—a small number of purchasers, less than 1%, were never successfully located and therefore did not redeem their ADA.
The redemption process took place via an on-chain mechanism via Daedalus wallet between September 2017 and July 2020. *This process was supported by EMURGO and audited by Cardano Foundation. For technical and security reasons, any remaining outstanding voucher claims were subsequently moved to a careful and discrete off-chain process run by IOG in October 2021. Both EMURGO & The Cardano Foundation were made aware of - and communicated with - during this program, and have since made public statements on the matter here and here.
Due to concerns around access, social engineering attempts and false claims, this operation was finalized through a careful and discrete off-chain process. Some have questioned why this activity was not widely publicized. In these cases, the intrinsic value of transparency was weighed against the need to protect both the process and the claimants from potential exploitation by malicious actors—including wrongful claims and man-in-the-middle attempts.
Record keeping has been scrupulous throughout the process, as our goal has always been to share full details once the program was successfully closed. With the program now recently closed, we are finalizing the closing report. In the interests of community transparency, this will share full details on the entire operation, redemption data and an audit of all funds. This will cover both on-chain and off-chain activity.
To support these activities, we have engaged the law firm McDermott Will & Emery and the accounting and audit firm BDO to independently audit and prepare a public report of the ADA redemption. MWE is a global law firm with more than 1,400 lawyers and 24 locations around the world. MWE has the industry’s largest crypto-exclusive team in which all of its team members work 100% of their time on blockchain matters. The MWE crypto team is Chambers ranked in crypto asset disputes and is widely recognized as one of the top crypto legal teams in the world. This investigation is being led by MWE’s head of the Fintech & Blockchain Group, Joe Evans, who is one of the few individuals ranked by Chambers as Band 1 in crypto asset disputes and by the American Lawyer as a Trailblazer in crypto. BDO is a global accounting and audit firm with worldwide locations. BDO has extensive forensic investigation and data analytics capabilities including digital asset tracing.
Both firms are beginning their work immediately and all relevant documentation is being shared with them. Rest assured the report will be extensive and we are fully confident it will address any concerns - legitimate or otherwise - that have been raised. We are also evaluating legal avenues to pursue those who have knowingly been making false and defamatory allegations. This process takes time, and we will share more details when we are able.
For additional context and information for the community, a full history of the program will be published alongside the audit, which will include all transactions and ADA flow, on-chain and off-chain.
*At its request, this section was amended 05/23/25 to clarify that the Cardano Foundation’s audit was of the Genesis event, not the off-chain component, which is being conducted by BDO. We thank them for their clarification.
Media Contact:
Remi Lederman