Cryptocurrency

Kraken cryptocurrency exchange returns after a long hiatus

After a long hiatus, Kraken cryptocurrency exchange has finally returned to business and as a treat to its users has announced free trading until the end of the month.

The multi-day outage not only frustrated users but it also led to a mass panic. Kraken had revealed a two-hour planned outage on January 10, but it turned into an outage that took the toll on all Kraken’s users emotionally. The downtime was meant for system upgrades, but the planned downtime didn’t go as planned and the process went on for 48 hours.

If Kraken would have remained in constant touch with its users during this multi-day ordeal, there wouldn’t have been a panic situation, but Kraken remained incredibly quiet on their official twitter account throughout the outage.

Though tere was no communication from Kraken’s end, the cryptocurrency exchange’s status page remained fully updated, and consistently informed users of the upgrade progress – including details as granular as how developers were “mainlining coffee.”

However, this didn’t stop mainstream media from raising questions on the upgrade process as well as the future of Kraken and its users.

Although users took to social media to express their outrage, Kraken employee Max Kaplan took the stand to provide a bit of clarity and said “Kraken has never been hacked and still remains unhacked.” He also acknowledged that the team “dropped the ball on the upgrade,” but assured customers that their holdings were still safe.

One of the status updates on January 12th from Kraken acknowledged these faults – “Yes, this is our new record for downtime since we launched in 2013. No, we’re not proud of it.”

Thankfully, this ordeal has come to an end with a recent update released just a few hours ago from the Kraken team.
Much to the relief of customers, Kraken re-opened their doors today and announced free trading until the end of the month.

According to the update, Kraken’s downtime was due to a replacement of their legacy trading engine, and issues that came along with the migration. Also announced was a blog post coming in the next few days that will provide more details on the service outage, along with plans to improve client-experience on the platform.

About the author

Adrian Thompson

Adrian Thompson

Adrian has been a technology news journalist for 10 years and has extensively covered new innovations and technology from a research angle.

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