Kraken account holders breathed a sigh of relief today as the exchange appeared back online after more than two days’ mysterious absence. A scheduled system upgrade intended to take two hours turned into 54 hours offline, causing users to worry the exchange had been hacked, or would not return.
[Update Jan 13th, 2o18 3:47PM UTC] Trading has now resumed on the exchange, though Kraken is continuing to monitor activity and iron out individual issues. Fiat and cryptocurrency withdrawals remain disabled.
Kraken returned around 11:30AM UTC on Saturday January 13th, and traffic increased as the news spread. However users soon reported bugs with CSS and order book calculations, causing developers to halt trading once more.
Users Can Login but Functionality Limited
Bitsonline can verify account holders can at least login to the upgraded site — which appears (at least cosmetically) the same as the old but features a new trading engine.
At press time, withdrawals in all currencies remain unavailable. Keeping an earlier promise to compensate account holders with free trading for a while, Kraken posted on its status update page:
Withdrawals are temporarily suspended while we monitor for anomalies. Unleveraged trading is free for the remainder of the month.
There appear to be no major price anomalies between Kraken and other exchanges. However there are a few glitches, with the trading price calculator throwing up some odd totals (we found similar glitches when testing with the XBT/JPY pair).
Kraken paused trading once again while it investigated.
— LivingCouture (@LVNGCTR) January 13, 2018
There are also anecdotal claims of deposits made in the past few days that are not yet credited to account balances.
Kraken account holders were at first angry at missed trading profit opportunities, then concerned over the safety of their balances. The company acknowledged these and apologized:
Kraken returns with free trading! We apologize for the uncertainty our downtime has caused – it was done to upgrade the trade engine. Please see our blog post for important details about the upgrade and return of trading. https://t.co/gDMgWvrVlk
— Kraken Exchange (@krakenfx) January 13, 2018
Despite Glitches, Kraken Is No Mt Gox
To Kraken’s credit, its team has maintained a steady stream of updates on its status page during the extended outage — though without giving any specific details on what the problem was, or what was being done about it.
We are still working to track down an elusive bug which is holding up launch. This bug did not appear in our many weeks of testing and only emerged in the production environment. Unfortunately, it is not consistently reproducible and we cannot launch until this issue is resolved. To reiterate our earlier statement: stale (and possibly all) orders will be canceled, and liquidations will be paused before trading is resumed. We will be offering a substantial amount of free trading following resolution. All funds remain secure.
Though many users expressed panic online that Kraken could become another Mt. Gox, it’s notable that the latter company provided little or no information after it went offline suddenly in February 2014.
This is an ongoing situation. Bitsonline will continue to monitor updates and breaking news, and report where relevant.
Are you a Kraken customer? Are you relieved to see the site back online again, and will you continue to use the exchange? Let’s hear your thoughts.
Images via Kraken, KnowYourMeme