Sunday, December 4, 2022

Angry Kraken Users Vent as Exchange Sleeps During Upgrade

Angry Kraken Users Vent as Exchange Sleeps During Upgrade

Kraken users have expressed frustration and anger on social media as a scheduled upgrade went from two hours to more than a day. Traders were unable to buy and sell and some are threatening legal action, after Kraken announced its team would sleep to “avoid passing out” before launching the upgrade live.

Also read: Bitcoin Cash Backers to Speak at ‘Satoshi’s Vision’ Conference in Tokyo

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Kraken’s Longest Downtime in History

Kraken supportAt press time, services had been completely offline for 27 hours. By Kraken’s own admission it’s the longest downtime period ever for the exchange, which was founded in 2011 by Jesse Powell and launched in 2013. It has customers in Europe, Japan and the U.S. and was in its early years the primary platform for EUR and GBP trading.

Kraken had announced a major scheduled system upgrade for 5:00AM UTC on Thursday January 11th — which would take the website and trading API interfaces offline for two hours.

However shortly after, the status update page announced the upgrade “got a late start” and, seven hours later, was “going much more slowly than anticipated”. Despite reaching the final stages by 3:30PM UTC, the team began “working to resolve a number of issues that came up during final testing”, and was still working through “unexpected and delicate issues” over 23 hours after going offline. Finally, the page announced the team had to stop:

Irritated Traders Mock, Threaten Legal Action, Spread Hack Rumors

Despite sleep being a necessity and probably prudent before upgrading a financial platform, the explanation wasn’t satisfactory for Kraken’s users around the world — who were now missing prime opportunities to make and lose money.

Ripple XRP traders were feeling pain the most, as they watched their token go from $1.67 to $2.09 USD in the time Kraken was unavailable.

The mocking on social media platforms gathered pace:

Rumors the site had suffered a hack also spread, though at this point there is no evidence to support that claim. While some were content to post funny fail GIFs and photos, others decided to take it to the next level with threats of legal action:

Launched originally as a bitcoin exchange, Kraken now also trades several other assets including Ethereum and Ethereum Classic, Ripple, Bitcoin Cash and Litecoin. While it has maintained a fairly good reputation over the years without suffering any major breaches, its trading interface has long been in need of an upgrade. In particular, the site’s appearance had barely changed since it first launched.

Bitsonline will monitor this ongoing story and add relevant updates if they come to light.

Are you a Kraken customer? How are you dealing with the prolonged outage? Please tell us in the comments.

Images via Kraken, Twitter

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