The Smoking Gun: Millions of Dollars' Worth of Unbacked KAU Tokens in April 2025

Kinesis ratted themselves out with their latest "audit" and circulation figures on their own exchange and block explorer

Some time after June 6, 2025, Kinesis released an April 2025 Allocated Bullion Exchange (ABX) audit with the usual 5-6 week delay. The audit is provided below in its entirety because the details are so crucial.

As you can see, the audit alleges that 1,510,101.495 grams of fine (pure) gold were held by ABX on behalf of Kinesis and were inspected between April 21 and April 24, 2025.

The problem? Both Kinesis own centralized exchange and the block explorer for their [fully centralized] “blockchain” showed much higher circulations during the entire audit and even 5 full days before the audit began.

Let’s look first at the circulation charts from Kinesis CEX.

As you can see above, Kinesis Exchange showed 1,963,000 KAU in circulation at 00:00 UK time on April 16, 2025, five days before the audit began. Between the 16th of April 2025 and the end of the audit on April 24, 2025, the supply increased to 3,986,000 KAU, according to the exchange data.

But what did the Kinesis block explorer say? On April 24, 2025, it showed 3,670,507.0122 KAU in circulation, while Kinesis users posted screenshots showing 3,247,000 KAU in circulation on April 22 on Kinesis now private full KYC user forum.

Another screenshot showing 2,609,401.4952 KAU in circulation according to the block explorer was posted to the forum on April 22, 2025.

There is no amount of mental gymnastics Kinesis can do to excuse this. They have exposed themselves manipulating their audits, KAU circulation, or both, and it’s all been exposed on their own exchange, block explorer, and user forum. The game is over.