The Kraken Bitcoin Exchange Was Unavailable For 2 Days

The Kraken Bitcoin Exchange Was Unavailable For 2 Days

On January 11, the Kraken cryptocurrency exchange went offline for scheduled maintenance. The work began at 12 am and should not have lasted longer than two or three hours, but the stock exchange site was unavailable for more than 48 hours. Many investors began to panic.

Our systems have been successfully tested, but there was a bug in the new trading mechanism that needed to be eliminated.

All the orders opened at the time of the beginning of technical work were closed by the representatives of the exchange, and the funds were returned to the users' accounts.

Margin positions remain open, but their liquidation is suspended for 48 hours. Also, in the next 48 hours, the opening of new margin positions was unavailable. The exchange froze the withdrawal of funds for at least 12 hours. At the same time, it can take up to two business days to create a deposit.

It is worth noting that Kraken fulfilled its promise and will not charge commissions for non-marital trade until January 31, and taxes for trading with the shoulder are reduced to 0.005%.

It is worth noting that the representatives of the exchange regularly informed the users about the progress of technical works and assured that all funds are safe.

We are trying to track a certain bug that manifested itself only in the field. To our regret, the [bug] behaves non-systematically, so we can not start the work of the exchange until the final solution of the problem. Obsolete orders (possibly all) will be canceled, and the liquidation process will be suspended until the resumption of trading. After the restoration of work, we will give users the opportunity to trade for a long period without commissions. All funds are fully safe.

The day before the technical work began, the daily trading volume on Kraken exceeded $980 million, and the exchange entered the TOP-5 list of the analytical resource CryptoCoinCharts.

Some users also draw parallels between the current situation and the collapse of the MtGox exchange, which only fueled the overall negative sentiment of investors.

Recall last year against Kraken already filed a class action lawsuit by users who were dissatisfied with malfunctions and lost profits.

Update:

The site of the European Bitcoin-Exchange Kraken is again available after long technical work and updating of the trading algorithm. Users will be given the opportunity to trade without commissions as an apology for such a long wait.

Information Source: CNBC