Kraken Forces Sale of Delisted Tokens Amid Limited Market Liquidity

Kraken has announced it will begin automatically liquidating seven delisted tokens on its exchange, including PLANCK, AIR, MICHI, FLY, ANLOG, TERM, and STRD. This move comes after the withdrawal cutoff for these assets passed on July 31 at 14:00 UTC.

The five-day window for this liquidation process will run from August 3 to August 7, during which Kraken will sell off any remaining balances of these tokens based on prevailing market conditions. However, the exchange has warned that several of these assets have limited or inactive markets, which may result in significantly discounted prices and potentially zero proceeds for some clients.

Kraken published a delisting notice in April as part of a staged wind-down process. Trading and deposits for these seven assets were disabled on May 1, followed by the withdrawal cutoff three months later. The exchange has not disclosed information about the sale venue, order, fees, spreads, or settlement currency.

According to CoinGecko's snapshot from August 2, PLANCK showed roughly $591 of 24-hour volume and about $21 of displayed depth on either side within 2% on the active Uniswap V3 BNB Chain pool. However, it is essential to note that this figure measures neither Kraken's undisclosed execution venue nor all global PLANCK liquidity.