Cryptocurrency exchange Kraken recently encountered an issue with multiple crypto funding gateways, resulting in operational delays for major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and ERC-20 tokens. However, the exchange promptly investigated and resolved the issue, ensuring a smooth user experience.
Kraken promptly addressed the situation by launching an investigation into the funding gateway issue that caused delays in deposits and withdrawals.
On June 6, the exchange’s status page alerted users about the delay, stating, “Deposits and withdrawals are currently delayed. We will provide any updates as soon as possible.”
Throughout the incident, Kraken diligently kept users informed with timely updates. The initial notice was posted at around 7:44 am UTC, informing users about the delay.
Subsequently, two updates were posted at 8:06 am UTC and 8:13 am UTC, assuring users that the team was actively working on a fix.
Resolution and Return to Normalcy:
By 8:35 am UTC, Kraken’s status page indicated that the issue had been successfully resolved. All updates regarding the delays and issues were removed, signifying a return to normal operations.
Additionally, Kraken announced a scheduled 10-minute unavailability of its futures platform at 10:30 am UTC on June 6 for routine site maintenance.
Kraken’s Battle with the IRS:
In addition to addressing operational issues, Kraken has been involved in a legal battle with the Internal Revenue Service (IRS) in the United States.
The exchange has vehemently opposed the IRS’s demands for customer information, considering it an “unjustified treasure hunt.” Kraken sought court intervention in San Francisco, arguing that the IRS has overstepped its bounds with unwarranted claims.
Authorization as a Virtual Asset Service Provider:
Kraken achieved a significant milestone on April 18 when it obtained authorization to operate as a virtual asset service provider in Ireland. This recognition made Kraken the third cryptocurrency exchange registered in Ireland, joining the ranks of Gemini and Coinbase.
Baiting Bad Actors:
Recently, Kraken’s Chief Security Officer, Nick Percoco, collaborated with a popular streamer to expose fraudulent activities within the cryptocurrency ecosystem. They created a fake crypto account on the Kraken exchange to “scam bait” bad actors and raise awareness about potential threats.