Firelight Adds $30.5M Cover to Kraken USDC Vault

The notable detail is structural: this coverage is underwritten and paid out by a third party, not Kraken itself, so depositors are relying on Sentora's claims process rather than the exchange's balance sheet. The per-address cap also means larger depositors are only partially covered, which could shape how capital is distributed across addresses. Whether similar third-party arrangements spread to other vaults, and how claims are actually handled in practice, is the open question.