Kraken Down, Performing Upgrades
Kraken, a large cryptocurrency exchange based in San Francisco, announced that it was going offline in order to perform maintenance and system upgrades. The exchange went down on Thursday, January 11th at 5:00 UTC, according to a tweet from its official Twitter account. Bloomberg reported that the maintenance was only supposed to last for a few hours. However, the exchange has been down for more than 48 hours.
Exchange Users Not Happy
Kraken users were quick to voice their concerns on social media. Several users complained that the extended downtime was costing them a lot of money. One of the users even suggested suing the company. A few people also mentioned that they were unable to take advantage of the crypto-market after Ripple partnered with MoneyGram.
Clay Crawford, a lawyer with over 25 years of experience, tweeted that he would be contacting the FBI if the company did not get its exchange up and running soon. Another user named Rob Stokes wondered if this could be an event similar to Mt. Gox where over $450 million worth of bitcoins were stolen.
Updates from the Exchange
After not being able to come back up within a few hours, as Kraken had initially stated, the exchange said, “We are still working to resolve the issues that we have identified and our team is working around the clock to ensure a smooth upgrade”. The exchange also said that it could take several more hours before they’re up again. Several hours passed and the crypto-exchange remained offline.
The company then stated, “still working to track down an elusive bug which is holding up launch”. Reddit users wondered if the company was trying to hide something or if they had been hacked. They were also having discussions about it being a good thing that they are performing upgrades, but that the company should have announced their plans well in advance..
Kraken has had its share of problems. especially since the last few weeks. Some people have attributed these problems to an overwhelming amount of traffic mainly due to excessive crypto-trading. Other major crypto-exchanges such as Coinbase and Bitstamp, have also reported issues related to not being able to handle huge amounts of traffic.
Too Many Issues
All kinds of issues have been reported by Kraken account holders. For example, users have reported experiencing a lot of difficulty placing simple orders and numerous connection errors. The website’s pages also have to be refreshed several times in order to process transactions.
So, it seems like using this company’s services has been a huge pain. Would its users would be better off taking their business elsewhere?