"The results of our most recent audit were once again verified by top-25 global accounting firm, Armanino LLP. " (1) So from this I read that Kraken has done a

"The results of our most recent audit were once again verified by top-25 global accounting firm, Armanino LLP. " (1) So from this I read that Kraken has done audit themselves and then some other firm has verified it. This (if true) is called attestation, and not audit. Attestations are an empty claim with no proof in the tokenbro industry. And second issue I see (directly related to the first) - they list some tokens they are auditing. Auditing on chain. But what if the Kraken company has a completely off the chain liabilities? Like a contract where they loan money/btc to some shady person and get some worthless tokens as a collateral in return. You can't see this on chain, only a real independent audit can uncover such things. (1) https://blog.kraken.com/post/15002/kraken-proof-of-reserves- https://blog.kraken.com/post/15002/kraken-proof-of-reserves-...