Kraken

Kraken

United StatesFounded 2011kraken.com ↗

Last reviewed 2026-08-29 · Methodology v1.0

Centralized Exchange

VIF Score ⓘVIF Score — Verifelse Independent Verification score. A deterministic 0–100 measure of how independently verifiable an exchange is.

63.8C+

#7

of 10
VIF rankings

Reported Reserves

$27.9B

Externally Verified

Liabilities

Externally Verified

Merkle inclusion only

Proof Age

89 days

Stale · Quarterly cadence

Verification

The Network Firm

Merkle · Independent verifier

Transparency Snapshot

Externally verified

Kraken publishes a third-party attestation, users can verify inclusion, independent verification (The Network Firm) has been identified.

Primary limitation: Users can verify inclusion, but the Merkle proof does not establish aggregate liabilities.

Reserve Coverage

102%

Reported total reserve rate

Assets ≥ in-scope balances

Exchange-published figure, not independently recomputed by Verifelse (as of 2026-06-30). Source ↗

Reserve coverage reflects only assets within the scope of the published proof, and does not by itself establish solvency.

Reserve Asset Composition

BTC55.8%$15.6B
ETH25.7%$7.17B
XRP6.2%$1.73B
SOL5.1%$1.42B
USDC3.7%$1.03B
USDT1.9%$0.53B
ADA1%$0.28B
USDG0.6%$0.17B
Total$27.9B

Proof of Reserves

Third-party Attestation✓ Active programProves liabilities

Latest attestation snapshot Dec 31, 2025 (~$21.5B in client assets), full coverage. Note: Armanino LLP exited crypto audits Dec 2022 and is no longer the attesting firm.

MethodologyProof of Assets + Proof of Liabilities (Merkle tree), reviewed by an independent third-party accountant
Auditor / VerifierThe Network Firm LLP
CadenceQuarterly
Snapshot as of2026-06-30
Official proofkraken.com ↗

Proof & Verification Artifacts

Verification matrix

Proof type
CryptographicAttestationFinancial statementsNone
Proof of Liabilities
LPORGlobal ZKMerkle-sumMerkle-inclusionAuditor-onlyNone
Wallet disclosure
FullPartialNone
Inclusion check
FullPartialNone
Verification tool
Open-source verifierInclusion self-checkNone
Third-party assurance
Financial auditAttestationAgreed-upon proceduresNone

Options are ordered strongest to weakest; the highlighted option reflects the proof method Verifelse recognizes for Kraken. This describes the method, not a solvency guarantee.

VIF Score Breakdown

Top-10 VIF median
Asset Verification60 / 100
Top-10 median: 67.5
Liability Verification55 / 100
Top-10 median: 50
Proof Freshness55 / 100
Top-10 median: 65
Public Verifiability62 / 100
Top-10 median: 68.5
Methodology Transparency95 / 100
Top-10 median: 95
Incident Disclosure80.2 / 100
Top-10 median: 77.4

Third-Party Verification

External verifierThe Network Firm
Third-party assuranceAttestation

Related Incidents

Deposit-crediting vulnerabilityResolved

Jun 2024 · ~$3M treasury funds · Security breach

View all incidents →

Expert Commentary

No expert commentary currently indexed for Kraken.

This does not imply expert consensus or endorsement.