Every Solana account must hold a rent-exempt minimum of lamports. The first transaction that creates your vault PDA, and each ATA after it, transfers that SOL from a payer account. If that payer is your exchange withdrawal address or your old wallet, the new vault is linked to it from the moment it exists. The same happens in reverse when you close accounts: the rent refund goes to a destination you choose, which links the closed account to that destination.

Creating a vault and its token accounts needs rent-exempt SOL from somewhere.

Funding the vault reveals where the money came from

The SPL Memo program, payment references from Solana Pay, invoice ids, and custom instruction data are stored unencrypted in the ledger. Exchanges and merchants often require a memo or reference that maps directly to your account with them. Once one such memo sits next to your vault, the vault is tied to your identity at that service.

Anything a dApp writes into a memo or instruction is public forever.

Memos and instruction data are plaintext

SPL tokens don't live in the vault itself. They live in associated token accounts (ATAs) whose addresses are a PDA of <code>(vault, token program, mint)</code>. A single <code>getTokenAccountsByOwner(vault)</code> call returns every token and balance you hold, and the same applies to NFTs and compressed assets through DAS indexers. A passkey vault makes this worse, not better: every token account points back to one long-lived owner that is itself linked to your public key.

Associated token accounts are derived from the vault address and are public.