KUCOIN 20260630 PoR Transparency Report
Methodology: PoR Stage Framework
Assessment JSON: 20260630-assessment.json
1. Summary
| Field | Value |
|---|---|
| Exchange | kucoin |
| Snapshot | 20260630 |
| Snapshot time | 2026-06-30T15:59:59Z |
| PoR Stage | Stage 0 — Trust the Exchange |
| Gen / Evidence | Gen 1 / E1 |
| Confidence | low |
| Effective PoR | false |
kucoin snapshot 20260630 remains Stage 0 in the ardmere public evaluation set.
Public artifacts do not support independently reproducible global solvency verification for this snapshot.
2. Stage Decision
Stage 0, not effective PoR
| Missing / Blocked Evidence | Risk Flag | Max Stage | Reason |
|---|---|---|---|
wallet_address_list |
UNVERIFIABLE |
Stage 0 | No public wallet_address_list. |
3. Frequency and Freshness
| Field | Value |
|---|---|
| Latest snapshot (evaluation set) | 2026-09-30T15:59:59Z |
| Previous snapshot | UNVERIFIABLE |
| Observed cadence | UNVERIFIABLE |
| History available | 1 snapshot(s) in public evaluation set |
| Event-triggered updates | UNVERIFIABLE |
| Daily root / commitment anchor | UNVERIFIABLE |
| Stage impact | Monthly or slower cadence; does not meet Stage 2 frequency expectations. |
Only one kucoin snapshot is in the ardmere public evaluation set.
4. Evidence and Bundles
Public Artifacts
| Artifact | SHA-256 | Source |
|---|---|---|
summarySnapshot |
39b1c81d41cc09feee1fc41f4b513643950c868715d85e8f1f35ea8a10811b14 |
https://www.kucoin.com/proof-of-reserves |
Bundle References
| Bundle | Value |
|---|---|
| Artifact bundle root | 0xc66b0b1522108f5c8eb3d47377228b6f6a0ebfe0fd19ab50cd785e1461646985 |
| Verification bundle root | 0xb5ddffb52336c397e1afdb2631b1aa1fe11c41e80392199e43d2b64da0a86367 |
| Artifact bundle SHA-256 | 76ec6ed4531c19ae5033eabcf6e903a34df04bafae14c98bc9c87f7f62be3e06 |
| Verification bundle SHA-256 | 9d972d9c1bbb5146a8eecb118471be688ec812ffce9710f336b08caf66a6c5f8 |
Local bundle paths: 20260630.artifact-bundle.json, 20260630.verification-bundle.v2.json
5. Verifier Evidence
| Verifier | Version | Verdict | Coverage | Summary |
|---|---|---|---|---|
artifact-integrity |
1.0 |
PASS |
1.0000 |
|
solvency-claim |
1.0 |
PASS |
1.0000 |
|
user-merkle-proof |
0 |
UNVERIFIABLE |
0.0000 |
Verifier not available for this exchange snapshot |
internal-consistency |
0 |
UNVERIFIABLE |
0.0000 |
Wallet address bundle not available |
btc-anchor |
0 |
UNVERIFIABLE |
0.0000 |
BTC block time anchor verifier not implemented |
onchain-balance-hot |
0 |
UNVERIFIABLE |
0.0000 |
Wallet address bundle not available for on-chain audit |
onchain-balance-token |
0 |
UNVERIFIABLE |
0.0000 |
Wallet address bundle not available for token audit |
onchain-balance-ledger |
0 |
UNVERIFIABLE |
0.0000 |
Verifier not available for this exchange snapshot |
address-ownership |
0 |
UNVERIFIABLE |
0.0000 |
No public download channel for wallet ownership signatures / proofs |
global-zk-proof |
0 |
UNVERIFIABLE |
0.0000 |
Global proof.csv / verifying key not publicly distributed |
third-party-attestation |
0 |
UNVERIFIABLE |
0.0000 |
No public third-party attestation report available |
cross-chain-wrapped |
0 |
UNVERIFIABLE |
0.0000 |
No per-row wrapped-asset metadata in public PoR artifacts (token contract, representation type e.g. WBTC/cbBTC, canonical asset, custody mode) |
6. Verifier Finding Details
This section explains FAIL, WARN, and
UNVERIFIABLE outcomes from the verification bundle.
Row-level UNVERIFIABLE entries often mean the verifier does
not yet support that (coin, network) pair, not that the exchange failed
the check. Full machine-readable output:
20260630.verification-bundle.v2.json in the local artifact
bundle.
Capability and
artifact gaps (UNVERIFIABLE)
| Verifier | Explanation |
|---|---|
user-merkle-proof |
Verifier not available for this exchange snapshot |
internal-consistency |
Wallet address bundle not available |
btc-anchor |
BTC block time anchor verifier not implemented |
onchain-balance-hot |
Wallet address bundle not available for on-chain audit |
onchain-balance-token |
Wallet address bundle not available for token audit |
onchain-balance-ledger |
Verifier not available for this exchange snapshot |
address-ownership |
No public download channel for wallet ownership signatures / proofs |
global-zk-proof |
Global proof.csv / verifying key not publicly distributed |
third-party-attestation |
No public third-party attestation report available |
cross-chain-wrapped |
No per-row wrapped-asset metadata in public PoR artifacts (token contract, representation type e.g. WBTC/cbBTC, canonical asset, custody mode) |
No additional row-level FAIL or WARN
findings beyond the summary table in §5.
7. Minimal Checklist
| Requirement | Status | Notes |
|---|---|---|
| Has public PoR been published during the last 12 months? (S0-1) | pass |
Snapshot 20260630 is in the public evaluation set. |
| Is snapshot time explicit? (S0-2) | pass |
2026-06-30T15:59:59Z |
| Is there reserve summary or wallet_address_list? (S0-3) | pass |
Summary present; wallet_address_list absent. |
| Is wallet_address_list public and on-chain verifiable? (S1-1) | fail |
No public wallet_address_list artifact. |
| Is wallet_ownership_proof public and batch-verifiable? (S1-2) | unverifiable |
address-ownership verifier UNVERIFIABLE. |
| Is global_proof public and independently reproducible? (S1-3) | unverifiable |
global-zk-proof verifier UNVERIFIABLE. |
| Is independent third-party review available with stated scope? (S1-4) | unverifiable |
third-party-attestation verifier UNVERIFIABLE. |
| If trusted setup is required, is transcript public; otherwise is the proof system transparent setup? (S1-5) | not_applicable |
No global ZK proof in the assessed public artifact set. |
| Is root/proof/vk canonically anchored outside exchange servers? (S2-1) | not_applicable |
Stage 2 is not evaluated until Stage 1 blockers are resolved. |
| Is publication frequency sufficient for Stage 2 (weekly full PoR / daily anchor)? (S2-2) | not_applicable |
Stage 2 is not evaluated until Stage 1 blockers are resolved. |
8. Recommendations
| Priority | Recommendation | Related Risk |
|---|---|---|
P0 |
Publish missing public artifacts required for independent reproduction. | UNVERIFIABLE |
9. Boundary
This report evaluates public PoR artifacts and reproducibility. It does not evaluate the exchange’s overall financial health, corporate governance, internal controls, off-chain assets, legal compliance, or complete off-balance-sheet liabilities.
Missing data must be marked as UNVERIFIABLE, not treated
as PASS.