Kraken users have expressed frustration and anger on social media as a scheduled upgrade went from two hours to more than a day. Traders were unable to buy and sell and some are threatening legal action, after Kraken announced its team would sleep to “avoid passing out” before launching the upgrade live.
Kraken’s Longest Downtime in History
At press time, services had been completely offline for 27 hours. By Kraken’s own admission it’s the longest downtime period ever for the exchange, which was founded in 2011 by Jesse Powell and launched in 2013. It has customers in Europe, Japan and the U.S. and was in its early years the primary platform for EUR and GBP trading.
Kraken had announced a major scheduled system upgrade for 5:00AM UTC on Thursday January 11th — which would take the website and trading API interfaces offline for two hours.
However shortly after, the status update page announced the upgrade “got a late start” and, seven hours later, was “going much more slowly than anticipated”. Despite reaching the final stages by 3:30PM UTC, the team began “working to resolve a number of issues that came up during final testing”, and was still working through “unexpected and delicate issues” over 23 hours after going offline. Finally, the page announced the team had to stop:
Kraken, 22 hours into their 2 hour scheduled maintenance, calls it a day and goes to sleep. pic.twitter.com/MPgNuwvLAh
— Buttcoin Cash (@ButtCoin) January 12, 2018
Irritated Traders Mock, Threaten Legal Action, Spread Hack Rumors
Despite sleep being a necessity and probably prudent before upgrading a financial platform, the explanation wasn’t satisfactory for Kraken’s users around the world — who were now missing prime opportunities to make and lose money.
Ripple XRP traders were feeling pain the most, as they watched their token go from $1.67 to $2.09 USD in the time Kraken was unavailable.
The mocking on social media platforms gathered pace:
Seriously?!? It’s been lasting for ages…missing huge opportunities on xrp and xlm…especially for those trading intrday…. @krakenfx you are really unprofessional
— john anthony (@camden57) January 12, 2018
— Stephane roulon (@StephaneRoulon) January 5, 2018
— Lakshan Ratnaike (@lakshan190) January 12, 2018
Rumors the site had suffered a hack also spread, though
- A look at the “Coinbase effect”, the popular trading platform's power in influencing the nascent cryptocurrency markets with its 10M+ users (Ryan Mac/BuzzFeed)
- Anonymously-run cryptocurrency lending and exchange platform BitConnect, long suspected of being a Ponzi scheme, shuts down (Fitz Tepper/TechCrunch)
- Coinbase CEO says exchange services may be “degraded or unavailable” during high volume or volatile trading sessions, after recent downtime incidents (Frank Chaparro/Business Insider)
- Sources: Rose McGowan's Twitter account was restricted because Twitter's Trust and Safety Team doesn't have the ability to remove or block individual tweets (BuzzFeed)
- Microsoft is ending free Windows 10 upgrade “assistive technologies” exception on Dec. 31 (Ed Bott/ZDNet)
See Full Post : http://www.techmeme.com/180112/p14#a180112p14