San Francisco-based cryptocurrency exchange Kraken’s users are experiencing difficulties with connecting to the site and application programming interface (API).
In a tweet published on Aug. 13, Kraken warned the public that it is receiving reports of clients having issues connecting to the site and API. The exchange further states that it is investigating the issue and will post related update.
Back in January, the Exchange Security Report from independent analysts at ICORating gave 16 percent of the world’s biggest crypto trading platforms an A rating, and none of them an A+. The analysis ranked Kraken (A) as one of the top three most secure exchanges globally.
Security has always been a sensitive issue for digital currency-related projects. Earlier in August, Major South Korean cryptocurrency exchange Coinone partnered with cybersecurity audit company CertiK and disclosures company Xangle to provide more safety and transparency for their crypto investors. CertiK and Xangle will provide public disclosure information as well as smart contract audit information, respectively.
In June, Cointelegraph reported that Odyssey, the mainnet for the blockchain-based platform TRON, will be upgraded to version 3.6. Odyssey version 3.6 will reportedly contain new features designed to make DApp creation easier, as well as provide network protection from bad actors.
Kraken might delist Tether if it turns out to be a scam, says CEO Jesse Powell
Listing of digital assets and tokens can be quiet tricky and the CEO of Kraken, Jesse Powell, believes that cryptocurrency exchanges should maintain a “neutral stance” while listing one. This allows traders to have greater accessibility across the coins they choose from, he said.
Amidst speculations of Tether manipulating Bitcoin’s price and whether Kraken would delist the stablecoin in light of the New York AG episode, Powell stated that if at any point the exchange realizes the asset to be a scam, it would essentially proceed with delisting process. In a recent interview with TD Ameritrade Network, Powell stated,
“..this is not something we want to expose our clients to. We feel like there is not even a role for us to provide a market for price discovery then we might delist.”
Having said that, the CEO of Kraken is of the idea that the exchange should have a place for even “controversial” assets which, according to him, is useful for the market to have price discovery, “so that users can price that risk.” Powell also said that an exchange’s neutral stance will enable people to disagree with projects and place their bets. Delisting effectively eliminates users from having “access to put the money where the mouth is,” he added.
While the crypto-community cried market manipulation and speculated Tether to be the cause of an “imminent Bitcoin crash,” Jesse Powell had a vastly different opinion. According to the CEO, Tether is a “transparent reflection” of what is happening at the banking system level and with all the exchanges. He further denied reports of Tether “artificially inflating Bitcoin.”
Instead, Tether is “a small part” of all the fiat supply among all the exchanges and is mostly “reflective of actual dollars coming into the system,” he said. Powell attributed Bitcoin’s rally to the huge retail domain and media attention, and definitely not Tether, despite massive fund movements to and from the Tether Treasury and Bitfinex exchange, and the subsequent Bitcoin surge.
Kraken CEO on Bitcoin correction: “I’m thinking $100k, maybe $1m”
Kraken exchange CEO Jesse Powell believes Bitcoin should be trading between $100,000 and $1 million according to his recent tweet.
The Kraken exchange CEO took to Twitter regarding the recent Bitcoin surge in price, which saw Bitcoin climb to nearly $14,000 before dropping to $12,500. While everyone was excited about the parabolic move but the retrace appeared to get traders nervous again. While Bitcoin has seen over 200% gain in 2019 alone, Powell took to Twitter to give his opinion on the recent correction.
Powell states that he believes Bitcoin should be trading between $100k and possibly $1 million. Those figures do not come as a surprise as many Bitcoin enthusiasts have echoed similar sentiments. John McAfee has also previously mentioned that he believes BTC could go to $1 million.
While a parabolic move is often expected to see some correction, the recent correction now has Bitcoin testing the $12,000 level and could possibly drop even lower.
Kraken sounds warning against ‘phishing’ involving Punycode lookalike; troubled waters ahead?
Kraken, the American cryptocurrency exchange that often skirts the line between being a real exchange and having a flawed exchange order and liquidity system, has once again run into a spot of bother. However, not with veteran trader Peter Brandt this time around. Instead, it is with malicious players operating a phishing ploy.
On June 21, as Bitcoin was beginning its ascent over the four-figure range, the Jesse Powell-led exchange sounded a warning to its customers that a “scam” involving the use a lookalike Punycode was in the works. These attempts were channelized via e-mails and tried to use Kraken domain names.
The exchange added that customer diligence helped resolve the matter. However, aware token teams began to report these “scams” to Kraken.
In a word of caution, the San Francisco-based exchange tried to remedy the the situation by advising customers to check the headers of emails and unfollow suspicious links, while also asking them to not click on email attachments and limit any information leakage. Finally, the exchange reiterated that it does not charge any listing fees, indicating that this “scam” targeted token issuers as well, with malicious actors funneling funds in exchange for fees to list the tokens.
Kraken’s warning read,
Security alert: Phishing/scam attempts by email from punycode lookalike Kraken domains are being reported by token founders/teams. Check full headers. Do not follow links, do not view attachments, do not provide requested information. Kraken does NOT charge listing fees.
— Kraken Exchange (@krakenfx) June 21, 2019
Over the past few months, with Bitcoin exhibiting a massive parabolic rise, Kraken has seen a few chinks in its armour. On several occasions, the exchange’s reflection of the price of the top cryptocurrency fluctuated, when compared to its peers, with its liquidity being called into question.
During the close of March, Peter Brandt had graded Kraken an “F,” stating that without stern measures to control price manipulations, regulations would become necessary. Brandt cited the case of Kraken’s XBT contracts dropping to $8,000, while the price of the coin was well over $8,700 at the time.
Towards the close of April, when the New York Attorney General released its report on the Bitfinex-Tether episode, the price of Bitcoin dropped from a high of over $5,500 to under $5,200. However, BTC’s price on Kraken saw a peculiar dump, dropping below $4,500 before the price climbed quickly back up above $5,100. Following the fiasco, many crypto-proponents opined that “dirty spillage” on Kraken’s “illiquid book” led to this obscure market movement, in stark contrast to the collective market.