# So, what's up with the unclaimed ADA from the ICO? **URL:** \ **Category:** General Discussions\ **Created:** [8 November 2024 06:00 UTC](https://forum.cardano.org/t/so-whats-up-with-the-unclaimed-ada-from-the-ico/138284 "2024-11-08T06:00:21Z")\ **Posts on this page:** 16\ **Page:** 1
**Author:** ![HeptaSean](https://sea1.discourse-cdn.com/flex023/user_avatar/forum.cardano.org/heptasean/32/82306_2.png) [@HeptaSean](https://forum.cardano.org/u/HeptaSean)\ **Post date:** [8 November 2024 06:00 UTC](https://forum.cardano.org/t/so-whats-up-with-the-unclaimed-ada-from-the-ico/138284/1 "2024-11-08T06:00:21Z")
Currently, the hot discussion on X is about what happened with the unclaimed ADA from the ICO, started, I think, by this post: > So, a little bit of history: Cardano was originally funded by selling vouchers in Japan (and to a far lesser extent some other Asian countries). [https://cardano.org/genesis/](https://cardano.org/genesis/) These vouchers could (as far as I know, I was not around at that time) originally be redeemed by every owner themselves in Daedalus. But that redemption mechanism couldn’t work anymore after the Shelley hard fork: ![screenshot-2024-11-08-06:07:44](https://us1.discourse-cdn.com/flex023/uploads/cardano/original/3X/f/c/fcb7cd91345e5bb8744cfabebba70fe83bb5869b.png) [https://github.com/intersectmbo/cardano-ledger/releases/latest/download/shelley-ledger.pdf](https://github.com/intersectmbo/cardano-ledger/releases/latest/download/shelley-ledger.pdf) So, with the Allegra hard fork (2020-12-16), the ADA for all vouchers not redeemed up to that point were moved into the reserve: [https://github.com/IntersectMBO/cardano-ledger/pull/1933](https://github.com/IntersectMBO/cardano-ledger/pull/1933) Later, on 2021-10-23, those ADA – 318.199 980 million – were removed from the reserve and given to six stake addresses by the “instantaneous rewards” mechanism – a transaction signed by enough Genesis keys that can move from treasury or reserve to stake keys (also in the past, before the Chang hard fork, used to withdraw ADA from the treasury to Catalyst): [03b02cff29a5f2dfc827e00345eaab8b29a3d740e9878aa6e5dd2b52da0763c5](https://adastat.net/transactions/03b02cff29a5f2dfc827e00345eaab8b29a3d740e9878aa6e5dd2b52da0763c5) (look at the “Rewards” tab) EDIT: In fact, there had also been a (test?) withdrawal an epoch earlier, putting 100 ADA to each of those stakes: [3d24e82502b671f2423cc862d4e3199164ceba8cd4711c680ca4a6b408d3ff60](https://adastat.net/transactions/3d24e82502b671f2423cc862d4e3199164ceba8cd4711c680ca4a6b408d3ff60) This raises the total escrow volume to 318.200 580 million ADA. If you have ever seen this strange bump in graphs of the history of the Cardano reserve – e.g., in [https://x.com/C1cADA\_Markus/status/1636023374609625090](https://x.com/C1cADA_Markus/status/1636023374609625090) – this is it. First, unclaimed ADA going into the reserve end of 2020, then being withdrawn again end of 2021: ![Reserve](https://us1.discourse-cdn.com/flex023/uploads/cardano/original/3X/9/3/93bfb77db19f825d2bdf15890d54ad151d880afd.jpeg) The metadata of that transaction says: “Moved from reserves to ada pre-sale redemption escrow” And for some years, a manual redemption process was operated: ![screenshot-2024-11-08-06:29:33](https://us1.discourse-cdn.com/flex023/uploads/cardano/original/3X/7/2/729f32544b5831a7cb44b642b73d97f83bccb923.png) [https://iohk.zendesk.com/hc/en-us/articles/900003850926-Ada-Redemption](https://iohk.zendesk.com/hc/en-us/articles/900003850926-Ada-Redemption) Now, the [https://adaredemption.com/](https://adaredemption.com/) website says: ![screenshot-2024-11-08-06:33:37](https://us1.discourse-cdn.com/flex023/uploads/cardano/original/3X/6/2/621b68467027de97a4200133eaa69c0fdaf6f6a8.png) According to Google Translate this means: > [@](#): > > Service Information > > As we announced in February 2024, the software has been shut down. > > If you are currently in the process and need to provide additional materials, please email us at [support@adaredemption.com](mailto:support@adaredemption.com) to let us know. > > ADA Redemption Support Team Who exactly operates or has operated this service – IOG? Emurgo? CF? – is a bit intransparent. The website has no imprint. The server is somewhere on Amazon AWS. I always assumed, it was IOG. In any case, they had to have access to those six “escrow” stakes to redeem the vouchers: 1. [stake1uy86sf5xrzcpg2ncddkzz6z2ca2m59qsnu4qxar08g9rvkgwkpjjv](https://adastat.net/accounts/0fa8268618b0142a786b6c21684ac755ba14109f2a03746f3a0a3659) Delegated to [ARF3](https://adastat.net/pools/3d5f6d2a147cf3c97aed0d7ea973e6a95abdf94255025bdf470c9809) since Epoch 298: stake key still registered, but pool retired, had been a private pool with 100% margin and this stake as owner all the time. Initial reserve withdrawal: 66 000 100 ADA Total rewards over time: 6 002 476.073 187 ADA Current balance: 2.888 847 ADA 2. [stake1uykws5pmwjxktdhlkz0pac3cu2guw6fjys2zaanmdew6xrs5lgv4n](https://adastat.net/accounts/2ce8503b748d65b6ffb09e1ee238e291c7693224142ef67b6e5da30e) Delegated to [ARF1](https://adastat.net/pools/ad1b6687f605b3543f9315a5f966ea70fc5f35e7b2a4c3a943bef78d) since Epoch 298: had been a private pool with 100% margin until Epoch 382, since Epoch 383 normal pool attracting external delegation, this stake owner all the time. Initial reserve withdrawal: 66 000 100 ADA Total rewards over time: 4 468 195.480 106 ADA Current balance: 5 758 682.225 152 ADA 3. [stake1u9mymn640v59n3mwyfdsg5t6yu34ut9ufvynavsn0ey40ugqdj6lh](https://adastat.net/accounts/764dcf557b2859c76e225b04517a27235e2cbc4b093eb2137e4957f1) Delegated to [private pool](https://adastat.net/pools/1aaeb638ddbe97171e35d5338d93b3a40fecdf22eca60d112bb59641) without any blocks for Epochs 298 and 299 Delegated to [SKY3](https://adastat.net/pools/34eb602eb435e3c6a4feb6d766a44735ca09e963f82098973c85951e) since Epoch 300: has been a public pool attracting external delegation all the time, this stake owner until Epoch 516, [other owner](https://adastat.net/accounts/7349fa0ea51b65d1da2321eeda62f4530a45c658058208c6dba15506) since Epoch 517. Initial reserve withdrawal: 27 100 090 ADA Total rewards over time: 1 420 887.445 413 ADA Current balance: 6 070 805.657 989 ADA 4. [stake1u887jrylddch0vh4d2kx72h2ax8t7aeq49zvmry4g9wcj4g3gty8j](https://adastat.net/accounts/cfe90c9f6b7177b2f56aac6f2aeae98ebf7720a944cd8c95415d8955) Delegated to [private pool](https://adastat.net/pools/dcd6826f7bc2cea79576f0ebeff28bcfe8b49fb2abc08304dbdbf202) without any blocks for Epochs 298 and 299 Delegated to [SKY4](https://adastat.net/pools/c1011645958df9e805df499bbd30056c83094b99c8effe500350d8da) since Epoch 300: has been a public pool attracting external delegation all the time, this stake owner until Epoch 516, [other owner](https://adastat.net/accounts/debdee68bf02a5fe94ddc96f612962b292cddc0da87ac6c57fb3e101) since Epoch 517. Initial reserve withdrawal: 27 100 090 ADA Total rewards over time: 1 542 050.759 336 ADA Current balance: 6 098 550.277 136 ADA 5. [stake1u80y77jjfcdymt38amg3na9w4p4d89ffw66xqsspdwsa2sqt8epdn](https://adastat.net/accounts/de4f7a524e1a4dae27eed119f4aea86ad3952976b46042016ba1d540) Delegate to [ARF2](https://adastat.net/pools/b405a62715301a625c2fd5eb3f5b16be9f1f3f0452f5b8b9286997c4) since Epoch 298: has been a private pool with 100% margin all the time, this stake owner until Epoch 416, [other](https://adastat.net/accounts/bb91ac5529d545caf810891be517b4660d4b88c31a65805357588cf4) [owners](https://adastat.net/accounts/84a450beb17d76f1c8c71849d49f9c4faaf7a79a542f63e4661226ec) since Epoch 417, no rewards since then. Initial reserve withdrawal: 66 000 100 ADA Total rewards over time: 5 345 011.536 093 ADA Current balance: 2.888 847 ADA 6. [stake1u8kgcfdpefrnf5570v47manyyg85jshlrg4p2hrsx3wdspccdda8v](https://adastat.net/accounts/ec8c25a1ca4734d29e7b2bedf664220f4942ff1a2a155c70345cd807) Delegated to [ARF4](https://adastat.net/pools/ea5f1fb21658736dce6e8c63a516e9e5d645e104b9efbfbb395d7e68) since Epoch 298: stake key still registered, but pool retired, had been a private pool with 100% margin and this stake as owner all the time. Initial reserve withdrawal: 66 000 100 ADA Total rewards over time: 7 795 439.838 827 ADA Current balance: 505.237 797 ADA (most of it the pool registration deposit waiting to be withdrawn) There are roughly 17.9 million ADA still on these addresses (mainly in 2., 3., and 4.). They were (and the ones with relevant balance still are) delegated to several [https://www.wavepool.digital/](https://www.wavepool.digital/) pools. Two of them were briefly delegated to private pools in the beginning, but after a couple of days also redelegated. And they earned quite some rewards (roughly 26.6 million ADA) over the years. EDIT: Improved layout a bit and added details about the history of the pool updates. Seems that they tried different strategies (private vs. public pool, these stakes as owner or other – presumably Wave – stakes as owner). ARF2 is especially confusing: “ARF” probably stands for “ADA Redemption Fund”, but it seems to have been repurposed to be used for something else with other owner stakes. Not a big deal since there are less than 3 ADA still in that stake, but confusing nevertheless. So, what happened to those ADA? Did they manage to find enough of them to redeem more than 300 million of the 319 million ADA that were still unclaimed in 2021? And why do I have to do the blockchain detective and this was never really written up transparently, publicly, and openly by those who had done it? There is the rumour going around that what was left was used to fund Intersect/DevTrust for the current year. Can we find indications for that? And would that be bad? After all, those were unclaimed ADA with no owner. But shouldn’t the wider Cardano community at least have been informed about this? Could at least make some question marks on: “The seed funder seats have a three-year term in consideration of funding given, […]” ([https://docs.intersectmbo.org/intersect-overview/intersects-structure/intersect-governance](https://docs.intersectmbo.org/intersect-overview/intersects-structure/intersect-governance)) So, I’ll have to dig into the transaction history of those six stakes. Could take a moment. ---
**Author:** ![Zyroxa](https://sea1.discourse-cdn.com/flex023/user_avatar/forum.cardano.org/zyroxa/32/17790_2.png) [@Zyroxa](https://forum.cardano.org/u/Zyroxa)\ **Post date:** [8 November 2024 06:20 UTC](https://forum.cardano.org/t/so-whats-up-with-the-unclaimed-ada-from-the-ico/138284/2 "2024-11-08T06:20:55Z")
Thanks alot @HeptaSean for your research and explanation once again. Imo its definitly worth to dig deeper and get feedback from IO or CF. ---
**Author:** ![Wcats](https://sea1.discourse-cdn.com/flex023/user_avatar/forum.cardano.org/wcats/32/61606_2.png) [@Wcats](https://forum.cardano.org/u/Wcats)\ **Post date:** [8 November 2024 08:59 UTC](https://forum.cardano.org/t/so-whats-up-with-the-unclaimed-ada-from-the-ico/138284/3 "2024-11-08T08:59:15Z")
Thank you Sean. I hope you will stay/return to X. Your insight has always been valuable to me. What I am wondering specifically is if that ADA was used to create the pledge saturated New Girl pool group and If the rewards generated over the years were used to create Intersect. " And they earned quite some rewards over the years." ---
**Author:** ![Neo\_Spank](https://sea1.discourse-cdn.com/flex023/user_avatar/forum.cardano.org/neo_spank/32/35544_2.png) [@Neo\_Spank](https://forum.cardano.org/u/Neo_Spank)\ **Post date:** [8 November 2024 10:33 UTC](https://forum.cardano.org/t/so-whats-up-with-the-unclaimed-ada-from-the-ico/138284/4 "2024-11-08T10:33:47Z")
> [@HeptaSean](#): > > the hot discussion on X is about what happened with the unclaimed ADA from the ICO As far as I remember this conversation from last few times there is some stuff you may not be able to find on-chain… Since 2023 when Remix Point stopped taking care of redemptions, unclaimed ADA is held in trust /escrow by Sawyers Holdings LTD. (Northern Ireland company I think, not sure). At that time Lighting Communications Inc. was taking care of the redemption website and on-line support. They may be easier point of contact. In this type of cases it is not uncommon to hold assets (or part of assets) in secured investment (like bonds) as to cover the legal cost, since holding company has duty to preserve the original amount of assets with out spending them on their services. This may be why some (or all) were delegated. I don’t actually know if this investment took place, this is just my GUESS by looking at usual practices of such companies. ---
**Author:** ![Neo\_Spank](https://sea1.discourse-cdn.com/flex023/user_avatar/forum.cardano.org/neo_spank/32/35544_2.png) [@Neo\_Spank](https://forum.cardano.org/u/Neo_Spank)\ **Post date:** [8 November 2024 10:52 UTC](https://forum.cardano.org/t/so-whats-up-with-the-unclaimed-ada-from-the-ico/138284/5 "2024-11-08T10:52:18Z")
> [@HeptaSean](#): > > Service Information > > As we announced in February 2024, the software has been shut down. This may be just a Google translate issue, but redemptions closed on March 15th, 2024. I think in February they may have announced the final date. However, you could still use redemption services until 15th of March. Anything submitted by then would of been processed as a payout in ADA to wallet holders. Not sure if that helps in your timeline search. ---
**Author:** ![HeptaSean](https://sea1.discourse-cdn.com/flex023/user_avatar/forum.cardano.org/heptasean/32/82306_2.png) [@HeptaSean](https://forum.cardano.org/u/HeptaSean)\ **Post date:** [8 November 2024 10:57 UTC](https://forum.cardano.org/t/so-whats-up-with-the-unclaimed-ada-from-the-ico/138284/6 "2024-11-08T10:57:28Z")
> [@Neo\_Spank](#): > > This may be just a Google translate issue, but redemptions closed on March 15th, 2024. > I think in February they may have announced the final date. Why issue? That is _exactly_ what the preprositional phrase “As we _announced_ in February 2024, […]” says? But thank you! While the users of the site do not need to know exactly when the service was terminated, just that it is terminated at the moment they are looking at the site, that might help in making sense of movements. ---
**Author:** ![HeptaSean](https://sea1.discourse-cdn.com/flex023/user_avatar/forum.cardano.org/heptasean/32/82306_2.png) [@HeptaSean](https://forum.cardano.org/u/HeptaSean)\ **Post date:** [8 November 2024 13:35 UTC](https://forum.cardano.org/t/so-whats-up-with-the-unclaimed-ada-from-the-ico/138284/7 "2024-11-08T13:35:08Z")
> [@Wcats](#): > > What I am wondering specifically is if that ADA was used to create the pledge saturated New Girl pool group No, as far as I can see up to now not. They were all delegated to different pools operated by wavepool.digital. I added some details about initial withdrawal, current balance, rewards and delegation in the list of stakes above (so, y’all don’t have to click through Adastat yourself). > [@Wcats](#): > > and If the rewards generated over the years were used to create Intersect. Don’t know by now. Will see what I can see on-chain. ---
**Author:** ![HeptaSean](https://sea1.discourse-cdn.com/flex023/user_avatar/forum.cardano.org/heptasean/32/82306_2.png) [@HeptaSean](https://forum.cardano.org/u/HeptaSean)\ **Post date:** [8 November 2024 14:02 UTC](https://forum.cardano.org/t/so-whats-up-with-the-unclaimed-ada-from-the-ico/138284/8 "2024-11-08T14:02:33Z")
> [@HeptaSean](#): > > I added some details about initial withdrawal, current balance, rewards Corrected the rewards. Because the initial funding was through these “instantaneous rewards”, they were also counted into the rewards which gave absurdly high numbers. I have now substracted them, so that “total rewards” in my list are actually only the _rewards_ that came on top. ---
**Author:** ![adatainment](https://sea1.discourse-cdn.com/flex023/user_avatar/forum.cardano.org/adatainment/32/81481_2.png) [@adatainment](https://forum.cardano.org/u/adatainment)\ **Post date:** [8 November 2024 15:11 UTC](https://forum.cardano.org/t/so-whats-up-with-the-unclaimed-ada-from-the-ico/138284/9 "2024-11-08T15:11:45Z")
Hello @HeptaSean, the Cardano Foundation did some assurance work (re KYC procedures etc.) on the ada voucher sale but was never involved in the ada redemption process. All details on [cardano.org/genesis](https://cardano.org/genesis). EDIT: happy cake day! ---
**Author:** ![fluxah](https://sea1.discourse-cdn.com/flex023/user_avatar/forum.cardano.org/fluxah/32/22732_2.png) [@fluxah](https://forum.cardano.org/u/fluxah)\ **Post date:** [10 November 2024 04:59 UTC](https://forum.cardano.org/t/so-whats-up-with-the-unclaimed-ada-from-the-ico/138284/10 "2024-11-10T04:59:28Z")
Hello @HeptaSean Thank you for spreading light on this controversial discussion. It will definitely bring value to the community to get to the bottom of this case to avoid unnecessary speculations and FUD. Will follow this thread closely, looking forward for an update regarding transfer of funds. You are doing good work, thank you! Hopefully we will get a statement from IOG soon. Questions on the top of my mind is; - Where is the ADA now - Will there be an “end date” on claiming them, and what will happen to the ADA then? - What happened with the stake rewards? - Why was the ADA staked there and why were they staked in the first place (basically putting an extra tax on the rest of the community subtracting value from us and the ecosystem, as the community paid/missed the 26.6 million ADA rewards) ---
**Author:** ![Klaffin](https://avatars.discourse-cdn.com/v4/letter/k/46a35a/32.png) [@Klaffin](https://forum.cardano.org/u/Klaffin)\ **Post date:** [14 November 2024 18:21 UTC](https://forum.cardano.org/t/so-whats-up-with-the-unclaimed-ada-from-the-ico/138284/11 "2024-11-14T18:21:46Z")
Interesting! ---
**Author:** ![YUTA\_Oishi](https://sea1.discourse-cdn.com/flex023/user_avatar/forum.cardano.org/yuta_oishi/32/15960_2.png) [@YUTA\_Oishi](https://forum.cardano.org/u/YUTA_Oishi)\ **Post date:** [28 December 2024 18:22 UTC](https://forum.cardano.org/t/so-whats-up-with-the-unclaimed-ada-from-the-ico/138284/12 "2024-12-28T18:22:45Z")
I found an official statement from the Cardano Foundation, so I’ve attached it here 🙏 ![スクリーンショット 2024-12-29 3.21.57](https://us1.discourse-cdn.com/flex023/uploads/cardano/original/3X/9/9/99d8c37d16083fe4e50fffc2da0b4bf24513c028.png) > [@Frequently Asked Questions about the Cardano Foundation](https://forum.cardano.org/t/cardano-foundation-faq/140884): > > Our Catalyst participation has resurfaced some more miscellaneous questions about the Cardano Foundation and its role. We have collected the most recurrent questions on X and provide here summary answers and clarifications. 1. Why was the Cardano Foundation founded? Founded in 2016, the Cardano Foundation is an independent, Swiss-based not-for-profit organization tasked with advancing Cardano as a public digital infrastructure across a wide range of industries. 2. Why do you do what you do? W… ---
**Author:** ![HeptaSean](https://sea1.discourse-cdn.com/flex023/user_avatar/forum.cardano.org/heptasean/32/82306_2.png) [@HeptaSean](https://forum.cardano.org/u/HeptaSean)\ **Post date:** [2 February 2025 22:58 UTC](https://forum.cardano.org/t/so-whats-up-with-the-unclaimed-ada-from-the-ico/138284/13 "2025-02-02T22:58:26Z")
> [@HeptaSean](#): > > There is the rumour going around that what was left was used to fund Intersect/DevTrust for the current year. Can we find indications for that? And would that be bad? After all, those were unclaimed ADA with no owner. But shouldn’t the wider Cardano community at least have been informed about this? Could at least make some question marks on: “The seed funder seats have a three-year term in consideration of funding given, […]” ([https://docs.intersectmbo.org/intersect-overview/intersects-structure/intersect-governance](https://docs.intersectmbo.org/intersect-overview/intersects-structure/intersect-governance)) Okay, this is the first time that I have seen this from someone from IOG and not only as a mere rumour: ![screenshot-2025-02-03-00:24:05](https://us1.discourse-cdn.com/flex023/uploads/cardano/original/3X/7/3/738ae6a254c0c064a46a268463bd9b9cbbf78ffa.png) [https://xcancel.com/therealdisasm/status/1886181375838937457](https://xcancel.com/therealdisasm/status/1886181375838937457) @disasm And [https://docs.intersectmbo.org/intersect-overview/intersects-structure/intersect-funding](https://docs.intersectmbo.org/intersect-overview/intersects-structure/intersect-funding) still says that all the funding came from IOG and Emurgo and doesn’t mention that unclaimed ADA from the ICO (and staking rewards for them?) were used. ---
**Author:** ![BUDDYM](https://sea1.discourse-cdn.com/flex023/user_avatar/forum.cardano.org/buddym/32/83538_2.png) [@BUDDYM](https://forum.cardano.org/u/BUDDYM)\ **Post date:** [16 February 2025 13:09 UTC](https://forum.cardano.org/t/so-whats-up-with-the-unclaimed-ada-from-the-ico/138284/14 "2025-02-16T13:09:24Z")
@HeptaSean Apologies as I am a little behind the curve. My ignorance as to how the Reserves were previously and are currently managed is a shortcoming that I hope to resolve moving forward… I didn’t even know what the ICO acronym was until I looked it up online this morning (Initial Coin Offering). Nevertheless, I know this is an important matter, and I appreciate the progress you’ve made so far to shed light on the topic. Your recent assistance with my CardanoPress Wapuu NFT minting issue and efforts like this one demonstrates to me both your expertise and community ethos. As a result, I am happy to report that with full confidence I delegated my ADA to you as my DRep this morning. Again, thank you for your time and energy, and if I can be of any assistance to you, please do not hesitate to reach out to me. Cheers! ---
**Author:** ![HeptaSean](https://sea1.discourse-cdn.com/flex023/user_avatar/forum.cardano.org/heptasean/32/82306_2.png) [@HeptaSean](https://forum.cardano.org/u/HeptaSean)\ **Post date:** [13 May 2025 18:01 UTC](https://forum.cardano.org/t/so-whats-up-with-the-unclaimed-ada-from-the-ico/138284/16 "2025-05-13T18:01:39Z")
Another round of X outrage led to Hoskinson himself weighing in: ![screenshot-2025-05-13-19:36:26](https://us1.discourse-cdn.com/flex023/uploads/cardano/original/3X/2/2/22ee42f1fdd96ea6e7533f2337ef3e505bb74393.png) [https://xcancel.com/IOHK\_Charles/status/1920215268997075345](https://xcancel.com/IOHK_Charles/status/1920215268997075345) So, we will maybe get a “report” on what happened soon™. Still, a bit strange: What is a “TGE entity”? First time this notion comes up. Is it a department inside IOG? Because later in the post there are “people at IOG” again “on this program”. That they did the job “thanklessly” sounds like a very horrible management. It’s the job of the management – and the CEO – to appreciate what people are doing. Especially if – like in this case – nobody ever told the community who is doing that how. How should the community appreciate and thank those poor chaps? What was the relationship between that “TGE entity” and the service companies named [above](https://forum.cardano.org/t/so-whats-up-with-the-unclaimed-ada-from-the-ico/138284/4)? That the closing report can only be done when the work is finished is okay. But that doesn’t change that this whole thing was horribly intransparent for all those years. Why was it not possible to keep the vouchers redeemable on-chain after the Shelley upgrade? That would have been worthy of a cryptocurrency and all those strange custody entities wouldn’t have been necessary. Who decided that moving to the reserve and later into custody of whomever is the right way to go? Did the SPOs who installed the node version with the movement to the reserve _know_ what they were agreeing on with that? Was there a discussion if that is the right thing to do? It doesn’t even seem to be in the release notes: [https://github.com/IntersectMBO/cardano-node/releases/tag/1.24.2](https://github.com/IntersectMBO/cardano-node/releases/tag/1.24.2) After all, the argument for “decentralisation” is that those SPOs _control_ that nothing nefarious happens. If they fail to do that and just believe whatever the node does, is it even worth all the effort? Same thing for then moving it from the reserve into the custody of IOG/“TGE entity”/whomever: Who decided that? Was there a discussion? Who signed the transaction? Who decided that those were staked with Wave? Given that we have “end of the world” shitstorms here if CF dares to delegate ADA to an operator with two pools, there should be outrage that Hoskinson delegated hundreds of millions that technically weren’t even really his to his buddies at Wave – a _really_ large multi-pool operator, shouldn’t it? Who decided that the surplus (staking rewards and unclaimed ADA) should go to Intersect? With which legitimacy? ---
**Author:** ![HeptaSean](https://sea1.discourse-cdn.com/flex023/user_avatar/forum.cardano.org/heptasean/32/82306_2.png) [@HeptaSean](https://forum.cardano.org/u/HeptaSean)\ **Post date:** [3 September 2025 23:04 UTC](https://forum.cardano.org/t/so-whats-up-with-the-unclaimed-ada-from-the-ico/138284/17 "2025-09-03T23:04:39Z")
The report is finally available: [https://www.adaredemptiontransparency.com/](https://www.adaredemptiontransparency.com/) Very interesting read! I would have an opinion on some things in it, but please just read for yourself!