A mailbox handshake is an SMTP conversation opened with a domain's mail server as far as the RCPT TO step and abandoned before any message is sent. The server's response to that one command is what says whether a mailbox exists. No mail is transmitted, so nobody receives anything.
What Spaw answers
smtp_checked says whether the handshake ran, smtp_checked_at when, mailbox_exists what it established, and smtp_reason why it could not establish anything when it could not — greylisted, timeout, no_connect, mx_unreachable, provider_unavailable and the rest.
When it runs, and when it does not
The handshake is the only part of an email lookup that leaves this server, so it is gated deliberately. It runs only when the domain's MX accepts mail and no free signal has already settled the address: a disposable domain, a typo-squat or a local part the provider's own rules reject is answered from DNS and open lists alone and never leaves Spaw.
A mailbox the handshake could not confirm is reported risky with the reason unverified. It is never reported deliverable — that word is reserved for a mailbox a server confirmed.