Kraken fiasco

[Coin_Hound]

Kraken has been shutdown for more than 33 hours now for an "upgrade" and it really has me concerned. I honestly think they ****** something up and lost data or they got hacked and are trying to figure something out.

Even as incompetent as they are, I don’t understand how a legitimate maintenance upgrade could take this long. But I’m not an IT expert so maybe someone could weigh in on how an upgrade that was only supposed to only take a few hours has now gone more than ten times longer than expected.

I’ve only been around the crypto world since May 2017 so I’m genuinely curious if any old timers could let me know if the ongoing situation with Kraken is unique or has it happened before with other exchanges? Not counting Mt. Gox of course.

Thank god I just moved my zerps off Kraken to my nano ledger s last week and once XRP reaches the moon I will be trading them on an exchange that doesn’t suck *** like Kraken.

Edited January 12, 2018 by Coin_Hound

[xrpwizard]

PSA announcement to never leave your coins on an exchange, ever. 

[Vacek_aka_Luschka]

like you, sure am glad I have nothing on that exchange (or any exchange for that matter)

Seems like something is up for sure ... Hope everyones $$ ends up being safe

[XRPHdlr]

They might be restructuring their whole infrastructure, which might take long.

They better not loose my zerps

 

https://status.kraken.com/incidents/nswthr1lyx72

Edited January 12, 2018 by XRPHdlr

[Alluvial]

If they want to keep their customers after this disaster, they might consider waiving or reducing all fees by at least 50% for a month or so.  

Also, with the delay, it seems that they have no other choice but to cancel all open orders that were in effect at the time of the shutdown.

[Vacek_aka_Luschka]

8 minutes ago, Alluvial said:

If they want to keep their customers after this disaster, they might consider waiving or reducing all fees by at least 50% for a month or so.  

Also, with the delay, it seems that they have no other choice but to cancel all open orders that were in effect at the time of the shutdown.

Couldnt agree more.

They have stated: "We intend to cancel stale (and possibly all) orders and pause liquidations upon resuming service."

[EnchanterIO]

Can be just a inexperienced team introducing and still testing different infrastructure. As an engineer I can tell you even though it's taking already more than 30 hours, they rather do it slowly and well than in rush and with bugs in trades. And yea simply all open positions aren't gonna be executed and that's it.

[EnchanterIO]

Can be just a inexperienced team introducing and still testing different infrastructure. As an engineer I can tell you even though it's taking already more than 30 hours, they rather do it slowly and well than in rush and with bugs in trades. And yea simply all open positions aren't gonna be executed and that's it. + they ensures the funds and coins are safe.

[MooseInTime]

XRP are still flowing into Kraken's wallet today weirdly https://bithomp.com/explorer/rLHzPsX6oXkzU2qL12kHCH8G8cnZv1rBJh

Plenty of balance in there, not been hacked

[mrenne]

I have used Kraken regularly last year to build up my XRP, have never left anything on the exchange though.

Had rather good experience with them, but I saw the service degrading in the last couple of months. I have reached my XRP accumulation goal so I don't need to buy more, but I am certainly looking out for alternatives for cashing out (although I don't expect that to happen in the next couple of years, and by then there are probably/hopefully other ways)

What worries me particularly in this case is, that they have not communicated what the system update was about. During previous updates/upgrades, they have informed customers more in advance and have also informed about the reasons for the update. This update was announced only 5 hours before, not enough time for many customers to take action.

This makes me think it is something serious...

[mrenne]

3 minutes ago, MooseInTime said:

XRP are still flowing into Kraken's wallet today weirdly https://bithomp.com/explorer/rLHzPsX6oXkzU2qL12kHCH8G8cnZv1rBJh

Plenty of balance in there, not been hacked

That's reassuring, for those that have XRP on Kraken.

Still, they can't access their money. So one more time a warning: don't leave your money in the exchange!

[MooseInTime]

Also doesn't prove they haven't lost some other asset, maybe ETH (hopefully) then we can go back to #2 on CMC 

[Guest]

I have most on my Nano. However, I was just done purchasing EUR 5k worth more and had not sent them over to my Nano yet. Lesson learnt for sure!

By the way, although the exchange has been very slow, I have always been very happy with them. Easy opening and good customer service.

I will continue using them.

[nav]

As much as I want to be frustrated at Kraken, as a web developer myself I can only imagine the pressure they are under right now. If you've ever been crunching code past a deadline, or up to a launch it is one of the most stress full situations you can be in. 

I honestly think worrying about our zerps being lost is a non issue. They already stated that "Funds are all secure". I wouldn't be surprised if a couple devs get fired for this though. Launches are never smooth, but clearly something was the catalysts for them to dig into their infrastructure, rewriting code, and retest that code to make sure everything goes smoothly. 

Edited January 12, 2018 by nav

[tulo]

Fortunately I moved everything before.

Now I need to empty poloniex, but the 2k$ max per day is a pain.