TechFlow news — On November 4, cryptocurrency exchange Kraken released its latest Proof of Reserves results. The audit was independently conducted by third-party accounting firm The Network Firm and covered the most widely held cryptocurrencies on the platform, including BTC, ETH, SOL, USDC, USDT, and XRP. The scope included spot positions, open margin positions, futures balances, and on-chain staking amounts for eligible assets (ETH and SOL), with a total value exceeding $21.5 billion.
Kraken pioneered the proof-of-reserves process in 2014 and has committed to regular audits since January 2022. This audit utilized Merkle Tree technology, enabling customers to verify that their account balances are included in the proof without exposing unencrypted data. Users can log in to their Kraken Pro accounts to personally verify whether their balances as of the September 30, 2024 snapshot date are fully backed by on-chain assets. Kraken encourages users to log in and verify their balances directly and reminds them that this proof of reserves covers only the platform's assets as of September 30, 2024.
