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Vanar's status in Kraken: Cancellation of orders only, zero price and withdrawal limit

"Cancel Only" is a trading status set by the exchange before the token is removed from the shelf. This means that existing orders can only be cancelled and new orders cannot be placed. For VANRY, this status also applies to euro and dollar trading pairs on Kraken. As of October 4, both pairs were in this state, with the euro pair's final offer being zero and trading volume in the past 24 hours was zero. Selling tokens in this state is not only economically unattractive, but also technically prohibited.

This is not a Kraken case, but a pattern throughout the entire off-shelf period. We provided a detailed analysis of restricted trading pairs on Kraken in our late September article. For VANRY, a second limit is now superimposed, and this limit is even more fatal.

There are three key dates for Kraken's removal: September 11, December 10 and the clearing window.

Kraken announced its removal plan in August and listed three deadline dates in its notice for 21 assets, among which VANRY was among them. Deposits and transactions have been closed at 14:00 UTC on September 11, 2026. Withdrawal will close at 15:00 UTC on December 10, 2026. The remaining balance will be automatically cleared from December 14 to December 18, 2026. In addition to VANRY, the other 20 assets such as XTER, IR, and GAIA were also affected.

The exchange's instructions to clients are very clear: Anyone who wants to keep assets should withdraw them by December 10. However, for one of these 21 assets, withdrawal orders have nowhere to be executed. This reveals a cruel fact in practice: the true reflection of the reliability of a trading platform often lies in what happens when the project party stops operating its contract.

Five minutes difference: Why the transfer ban lasts longer than the withdrawal deadline

Kraken listed a separate announcement on the VANRY status page titled "VANRY withdrawal suspension on the Ethereum blockchain". The announcement will take effect from September 24 and will end at 15:05 UTC on December 10, 2026. The deadline for withdrawing cash is 15:00 on the same day. As long as this timetable does not change, there will be no time during the entire deadline window when withdrawals are open and transfers can be made.

The reason given by Kraken is that the VANAR team has suspended all transfers on the chain, so Kraken's withdrawal function will remain unavailable until these transfers are resumed. It is important to understand that this blockage stems from changes at the end of the chain, rather than decisions made by the exchange about customers. Although the effect is the same, it changes the person you need to negotiate with.

The chain involved is Ethereum, where the old VANRY contract is located. Users holding this version of the token hold a version that cannot be moved. VanAR has suspended old contracts on Ethereum and Polygon and will migrate tokens to the Base chain in August and September 2026. The redemption window has closed at 13:00 UTC on September 10, 2026. The resulting time difference turned an otherwise feasible path into a dead end.

Two datasets, same code name: Base tokens are different assets

Since the migration, there have been two versions of VANRY, which is critical for valuation. CoinGecko lists two separate datasets: "Vanar" represents new tokens on the Base chain, and "Vanar Chain [OLD]" represents old versions. The old data set showed zero market capitalization, a price of $0.00034199, and a 24-hour trading volume of approximately $28, recorded in only one trading venue. The price of the new token is US$0.00068289, the market value is approximately US$2.59 million, and the daily transaction volume is approximately US$1.31 million.

This means: You have a dormant version in your Kraken account. According to this interpretation, the value of this version is only about half the value of the tokens traded on the Base chain, and there is almost no market liquidity. If the exchange does not support redemption, it will not automatically issue new tokens to you. Binance clearly stated in its removal notice that it would not assist the redemption plan and advised users to go to the project party portal to operate. For Kraken, no news has been announced about the issuance of Base tokens.

使用同一代号的第二个数据集并非数据库的美观瑕疵，而是为什么你看到的某个价格可能不代表你持仓价值的根本原因。因此，任何估算持仓价值的人都应检查显示的数据对应的是哪一个数据集。

12月的强制清算：“微乎其微或无”对你收益的影响

Kraken在下架通知中直言不讳地指出了后果：由于受影响资产的 markets 有限或不活跃，清算所得可能远低于最后参考价格，在某些情况下将是“微乎其微或无”。这是来自交易所的警告，而非预测。

结合旧数据集极低的交易量来看，实际情况变得具体：在日交易量仅为几十美元且仅有一个记录交易场所的情况下，没有买家会为大额数量支付接近展示价格的金额。强制出售的收益取决于是否有人购买，而非价格本身。

因此，对于你的步骤安排，一个令人不快但清晰的结论是：不要指望获得良好的清算收益。应制定一份记录，以便在税务目的上申报损失，并将任何获得的收益视为额外奖金。

留存文件：单位、日期和价格来源将决定损失是否被认可

Unprovable losses do not exist in the eyes of the tax bureau. Unlike ordinary sales, mandatory liquidation does not provide you with optional statements. Therefore, documentation should start now, rather than waiting until December.

The document should contain five items:

• The number of VANRY units you hold and the date on which the position was established;
• The purchase date and purchase price of each purchase;
• Evidence that transactions and withdrawals have been blocked, i.e., dated transaction status records and screenshots of status page entries;
• Notice issued by an exchange with three deadline dates;
• Liquidation statement once available.

Users who do not want to save these items manually can use tax tools that carry the purchase date and hold period by position, allowing open positions to be displayed even if the exchange removes the token from the display. What matters is timing: After liquidation, positions that are no longer shown on the exchange can no longer be rebuilt.

Full loss and holding period: Germany's tax stance

A forced sale of an exchange is considered a sale for tax purposes. For private investors in Germany, gains and losses from the purchase and sale of crypto assets are subject to private disposal as stipulated in Article 23 of the Income Tax Act. The decisive factor is the one-year rule: if there is more than twelve months between purchase and disposal, the results will be ignored, which also includes losses.

由此产生了一个常被忽视的怪癖：如果你在一一年多前购买了VANRY，那么12月清算产生的损失通常无法用于抵税，因为该头寸已超过持有期。如果购买时间在一年以内，损失计入私人处置，可以在同一年度的收益中进行抵扣；剩余部分进入亏损结转。此类损失不能用于抵消股票或利息收益。

由于这里计算的是单个购买日期而非总持仓，因此按购买记录的日程安排才是实际的工作重点。干净的归档可以决定数百欧元的差异。关于你自己情况的具有约束力的建议只能来自税务顾问，而非文章。

向Kraken支持部门请求迁移信用：如何在请求中表述

你面临的第二条途径是向交易所支持部门提出请求。这不是自动的，也不是承诺，但它成本为零，并创建了带有日期的记录，稍后将作为证据的一部分。措辞应狭窄且事实化：注明资产条目、单位数量、引用交易所关于提现被禁用的自身状态条目，并询问交易所是否以及如何为旧持仓发放迁移后的Base代币，或者是否会在12月清算该持仓。

两点可以提高获得有用回答的机会。首先是截止日期：指出根据交易所自己的时间表，转账禁令仅在提现截止时间之后才结束，并要求说明客户如何在该窗口内履行提现指令。其次是形式：要求在工单中获得书面答复，并将其保存为文件。口头保证在12月份对你没有帮助。

案例启示：关于选择交易平台的教训

对于德国投资者来说，这一事件带来的教训超越了VANRY本身。欧洲加密资产市场法规下的牌照规定了提供商受到何种监管、必须提供哪些信息以及如何隔离客户资产。这样的牌照并不要求提供商保持由项目方自身暂停合约的代币可提现。监管机构实际上对提供商施加的义务概述在我们的MiCA职责概览中。

此处显现的风险不是监管风险，而是通过交易所转嫁给你的项目风险。它最严重地打击那些交易场所较少的小盘资产，因为团队的一个单一决定就足以同时关闭所有路径。持有此类头寸的投资者在确定规模时，应更多地关注通向外部相互独立的路径数量，而非价格。

There's also a calendar observation: In Kraken, there is approximately three months from the listing notification to the withdrawal deadline. If you use this time, it's enough. But if the blockade comes from the project side and the redemption window is closed before the deadline, then this period is meaningless.

VANRY in Kraken: Key summary

The starting position is uncomfortable, but still feasible. You can't move tokens, but you can make sure the damage is protected by evidence, file a request, and make sure you don't make the same mistake the next time you encounter small-cap coins.

1. Lock positions and lockdown status: Save today the account statement containing units and dates, as well as acquisition data for each purchase. Use a tool that carries holding periods by position to handle arithmetic problems.
2. Contact support and save the reply: Ask in writing about the credit issuance of Base tokens and how to fulfill the withdrawal order while the withdrawal is blocked. If you also have a balance on another platform, please check the deadline there separately.
3. Hold future small-cap coins in different ways: Holding tokens in decentralized storage means that you only rely on the project party when delisting, and no longer rely on the blocking of the trading platform. Hardware wallets provide protection. This doesn't solve project risks, but it can reduce the number of venues that prevent you from exiting.