Kraken is moving ahead with a forced liquidation of seven delisted tokens, a process that could leave some users with nothing. The exchange will sell off residual balances of PLANCK, AIR, MICHI, FLY, ANLOG, TERM, and STRD between August 3 and August 7, 2026. Withdrawals for those tokens were cut off at 14:00 UTC on July 31, meaning anyone still holding them has no way to move them out before the fire sale begins.
The tokens and their thin markets
The seven tokens were delisted from Kraken back in April 2026, with trading and deposits disabled on May 1. But residual spot balances — not leveraged positions or margin calls — remained in some accounts. Now Kraken is forcing those out. The problem: these tokens trade on very shallow order books. Take PLANCK as an example. On CoinGecko, its 24-hour volume was roughly $591, and depth on one Uniswap V3 pool was about $21. That means a sell order of even a few hundred dollars could move the price to near zero. Kraken itself warned that insufficient liquidity could result in zero proceeds for some users.
What Kraken hasn't told users
The exchange has not disclosed several key details. It hasn't said which venue or venues will execute the sales, or in what order the tokens will be sold. It hasn't specified the fees it will charge, or whether proceeds will be paid in US dollars, USDC, or some other denomination. Users are essentially in the dark about how the liquidation will work — and how much, if anything, they'll get back.
What holders should do now
There's nothing left to do. Withdrawals closed on July 31. The only option was to have moved tokens out before that deadline. Anyone who missed it will have to wait for the liquidation window to open and hope the market can absorb their position. Given the depth numbers, that's a long shot for most of these assets. Kraken's notice from April gave users months to act, but the final window is tight: just five days, starting August 3.
The forced sale applies only to spot balances. No margin calls or leveraged positions are involved. Still, for anyone holding a meaningful amount of these tokens, the outcome could be a total loss. Kraken hasn't said what happens to any proceeds that can't be distributed — or whether users will get a statement showing the sale price and fees. Those questions remain unanswered as the clock ticks down.
