After a 2-day hiatus, Kraken cryptocurrency exchange finally resurfaced amid rage and terror from its account holders. A scheduled system upgrade and maintenance earlier intended to take just two hours persisted for over 54 hours, and the frustration and mass panic from its users said it all.
Kraken was genuine in its earlier communication, promising that it would be offline and back online. But as the two-hour period elapsed with no word from the exchange’s twitter outlet, panic soon engulfed. They remained incredibly quiet throughout the period, and many started speculating that the platform had been hacked or it would not come back online again.
On Saturday, January 13th, trading finally resumed on the exchange at around 11:30 AM UTC, resulting in a widespread sigh of relief from its massive user population. Users took to social media to display their fury about the whole ordeal and not even Kraken employee Max Kaplan’s assurances could calm them down. He, however, assured everyone that their savings were still intact and safe as before.
Understandably, Kraken team was remorseful for the experience it had subjected its users in, further saying they were “not proud of it.” As if to reimburse them for the time lost and the emotional drain, Kraken resumed business and announced free trading that would last to the last day of the month.
But it didn’t deter the mainstream media from questioning the entire upgrade and the future of it and its users. In fact, several users were still disappointed in the upgrade as they even reported bugs with order book calculations and CSS. The development forced the platform’s developers to halt trading again.
Users Can Access Accounts/The Functionality Is Limited
Even after the upgrade, the platform seemingly doesn’t work well. Apparently, Bitsonline reports that users can log-in to the new (and cosmetically looking) site, but can’t withdraw owing to the halted operations. Nobody can withdraw funds at the moment, which adds to the frustrations, despite the promise of unleveraged trading for the rest of the month.
Even though its price anomalies seemingly augurs with that of Kraken and other exchanges, it is the few glitches that still dent the image of the new portal. The trading price calculator, for instance, throws up bizarre totals regardless of the coin-fiat currency pair chosen.
Another issue reported is the alleged deposits made over the course of the outage, but had yet to be credited to accounts. The anecdotal claims hadn’t been replied to by Kraken’s twitter outlet.
Amid The Glitches, Kraken Isn’t Mt. Gox
Kraken’s communications team has maintained a steady stream of updates throughout the extended outage period, regularly giving details on the nature of the issue and what the team was doing.
“We cannot launch until this issue is resolved…all funds remain secure” their statement read in part.
With the current situation, it is clear this exchange isn’t like Mt. Gox. Meanwhile, it is every trader’s which that Kraken resumes back sooner and as a better platform.