KUCOIN 20261031 PoR
Transparency Report
Methodology: PoR Stage
Framework
Assessment JSON: 20261031-assessment.json
1. Summary
| Field |
Value |
| Exchange |
kucoin |
| Snapshot |
20261031 |
| Snapshot time |
2026-10-31T15:59:59Z |
| PoR Stage |
Stage 0 — Trust the Exchange |
| Gen / Evidence |
Gen 1 / E1 |
| Confidence |
low |
| Effective PoR |
false |
kucoin snapshot 20261031 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 |
~46 days between snapshots |
| History available |
3 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. |
4. Evidence and Bundles
Public Artifacts
| Artifact |
SHA-256 |
Source |
summarySnapshot |
513a1e90b1c666edc5da00008c67103ec540583abf9b47889babccfab42b812a |
https://www.kucoin.com/proof-of-reserves |
Bundle References
| Bundle |
Value |
| Artifact bundle root |
0x147043943b236de11ec3b29d0b2e8ee00598655bf9951f4ad113fa66ad5270ec |
| Verification bundle root |
0xf1354ac9edaeedd914c1062e5db383aedb2a3c1541e048e427650551ab891b0b |
| Artifact bundle SHA-256 |
d7c90028d8af691b6278b8bd14064aa1ca6a5b4dd24a26a3971f9a355666f533 |
| Verification bundle SHA-256 |
22e52fa681166d4d816aa081281dee5e828a540f74e69bb4eb43b0677d3465c5 |
Local bundle paths: 20261031.artifact-bundle.json,
20261031.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:
20261031.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 20261031 is in the public evaluation set. |
| Is snapshot time explicit? (S0-2) |
pass |
2026-10-31T15:59:59Z |
| 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.
