Skip to main content

Kraken Exchange Returns After Longest Downtime Since 2013

Earlier this week the San Francisco-based cryptocurrency exchange Kraken scheduled some downtime to upgrade the trading platform’s system. The upgrade for one of the world’s largest digital asset exchanges was supposed to last for only two hours, but the website remained down for well over 24 hours. Kraken is now back online and plans to offer zero fee trading until January 31 to make up for its customers’ inconvenience.

Kraken Exchange Goes Offline for a Record Amount of Time Since 2013, Freaking Out Customers

Kraken Exchange Returns After Longest Downtime Since 2013The Kraken exchange is one of the biggest digital asset trading platforms, with a vast quantity of customers. On January 10, the exchange told the public that it was “performing a system upgrade on Thursday, January 11 at approximately 5:00 UTC (Wednesday, January 10 at 9 pm PT).” The upgrade was initially only supposed to last two hours but that time passed with no restoration of service and customers started getting irritated. Kraken users on forums and social media complained as each hour passed during the day. As the day progressed the exchange updated the public via Twitter:
“We are in the final stage of installing the upgrade now — We are getting close but hard to give an exact ETA since it depends on how the final testing goes,” explained Kraken.
Yes, this is our new record for downtime since we launched in 2013 — No, we’re not proud of it.

Back Online But With Many Changes

Finally, on January 13 the San Francisco trading platform announced that the website and the trading engine was back online. However, during the upgrade certain things had changed such as the new account verification process would be delayed to its “lowest priority.” Further higher tiered accounts will have priority over new accounts looking for first time verification, says the exchange. Withdrawals are still suspended for the next 12 hours and all prior orders were canceled. Alongside this, deposits can take up to two additional business days for funds to be credited to trading accounts.
“All funds in previously open orders have been returned to your available balance — Margin liquidations will be paused for at least 48 hours, and the creation of new margin positions is disabled for at least 48 hours,” explains Kraken’s blog post and email to customers.
With trading now resumed, the engine’s performance will be closely monitored — The site will come down if needed, which may occur with little to no notice.

The Recent Crypto-Bear Market and Fallen Exchange Nightmares from the Past Get Traders Edgy

Kraken surely noticed its users upset over the downtime, especially when markets have been extremely bearish so the company apologized for the downtime. For this reason from now and until January 31, the trading platform is giving customers zero fees for all unleveraged trades until January 31, 2018 (UTC). Additionally, the exchange is reducing margin position fees to 0.005 percent until the end of the month as well.

Kraken Exchange Returns After Longest Downtime Since 2013
Kraken traders were not pleased with the downtime.

The experience has reminded cryptocurrency proponents that exchanges can go down at any time and for very long periods. Unfortunately, many people also have memories of exchanges that never came back online and their funds are now gone forever. This made the Kraken experience unnerving for many of its users, as one customer writes:
Can someone in the Bay area please stop by Kraken headquarters and see if there is anyone there or if it looks like they skipped town?

Comments

Post a Comment

Popular posts from this blog

MYSTERY OF BERMUDA TRIANGLE FINALLY SOLVED

MYSTERY OF BERMUDA TRIANGLE FINALLY SOLVED   17 COMMENTS    23472 VIEWS Bermuda Triangle Mystery Solved? Scientists believe they’ve solved the mystery of the Bermuda Triangle ― and it’s not UFOs or sea monsters. It’s another kind of monster: monster waves. The Bermuda Triangle, also known as the Devil’s Triangle, is a region in the North Atlantic that is generally bounded by Miami, Bermuda and Puerto Rico. Over time, a number of aircraft and ships are said to have disappeared there under mysterious circumstances. According to “The Bermuda Triangle Enigma” on Britain’s Channel 5, scientists now believe conditions in that area were just right for massive rogue waves. “There are storms to the south and north, which come together,” said University of Southampton oceanographer Simon Boxall, per the Sun. “And if there are additional ones from Florida, it can be a potentially deadly formation of rogue waves.” Boxall said these rogue waves could reach 100 fee...
Post a Comment
Read more

EZeugo Is the Right Candidate For Idemili North Constituency.

A sound mind is a healthy body, unfortunately most of our people suffer from various diseases as a result of their life style,water the drink, type of food the eat (poor dieting) and drugs abuse which in return leads to many complications in the later stages of their lives. Majority of our people over the age of fourty  suffer from specific health problems E.g heart diseases, advanced diabetes, blood pressure (BP). In my view the issue of health is not limited to health services, health is a specific culture that can be attened by harmonizing body and mind. To reach this health conditions, in addition to a good healthy services, base on my background in Health and Environmental Safety (HES) I Ezeugo have a good health investment programs that will help improve following area - health education, Custom and traditions, food and environmental hygiene, sports, provisions of safe drinking water, public awareness in various aspects of life. Ezeugo have all it take to make Idemili...
2 comments
Read more

The Satoshi Revolution – Chapter 5: ICOs

The Satoshi Revolution: A Revolution of Rising Expectations. Section 2 : The Moral Imperative of Privacy Chapter 5: Implementing Crypto Privacy by Wendy McElroy ICOs: Peril or Menace or Expression of Satoshi Spirit? (Chapter 5, Part 2) It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had nothing before us, we were all going direct to Heaven, we were all going direct the other way… – Charles Dickens, A Tale of Two Cities Crypto advocates differ dramatically on the impact of Initial Coin Offerings (ICOs). They are a valuable dynamic that financed Ethereum’s smart contract; they are a blank cheque for scammers; they give government a wedge with which to separate cryptocurrency from freedom. The damnable thing is that all the assessments may...
Post a Comment
Read more