Kraken’s June 2026 proof-of-reserves snapshot separates balance inclusion from wallet control

The Defiant said Kraken’s June 2026 proof-of-reserves snapshot draws a distinction between two separate checks: whether customer balances are included and whether the exchange controls the wallets in question. The report’s core point is that neither item, on its own, is enough to prove solvency. It also said those disclosures do not by themselves guarantee that users will be able to withdraw funds. That framing matters because proof-of-reserves disclosures are often read as a broad sign of financial soundness. In this case, the article argues for a narrower reading. A snapshot may show part of the picture, but it does not automatically establish that liabilities are fully covered in a way that ensures withdrawal access. The Defiant’s summary presents Kraken’s reserve report as something that can help users verify specific elements, while still leaving clear limits on what the disclosure can prove.