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edit:
withdrawals enabled again
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Orders don't work in the last few days. And the other day the price was 67 million euros for a Bitcoin.
It's obvious: Kraken willingly accepts that clients loose their money.They know their horrible lagging trading engine doesn't work as expected, but don't provide any warning on their order-page.
Clients are loosing money on a daily basis - since weeks! And no official statement at all.
No professional communicationHere is a screen shot I made http://ibb.co/eAQ4O6  (logged in to Kraken.com) The highest price of one bitcoin was shown as:
79,716,528,154,224,80 € / Bitcoin - that's Billion!79 Billion 716 Milliard 528 Million 154 Thousand and 224 € and 80 cents. Kraken is well known for it's high trading fees. Kraken Management raked in hundreds of thousands on trading fees on a monthly basis, but didn't seem to spend a dime on fixing their code. Hey Kraken-Management - use your public channels + email and provide an honest statement about the current situation. It's about time. Put a big red warning on the Kraken-Order-Screen to inform your clients about problems reg. opening/closing position and related additional risks. Start respecting your clients (again) - like you did in the early days. Kraken clients are already starting to withdraw coins and fiat. This will only accelerate. All forums are full of negative comments.
It won't take long and they may close access to their site - good for everyone who got coins/fiat our before.
Who still keeps coins here is playing with fire. Anything can happen anytime. |
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Watch out, the exchange is incredibly broken right now, I think they might pull a coin heist soon.
Coin heist?! How you think something like that?  Kraken's platform is a "known" issue especialy when the price of BTC goes to the moon. That doesn't mean or implies any heist...   ( https://bitcoinwisdom.com/) (logged in to Kraken.com) HHmmm.... but this time it feels different. Too many red flags. Definitely does NOT look good. Too many problems - Kraken.com seem to be getting buried by them Too much workload to handle support requests Too little time spent in past to fix/re-build a broken trading engine Too much money being lost on a daily basis due to unresponsive site Kraken Administration knowing about problems but do not put a big red warning on their site visible for everyone and most importantly ... Too many real people who are withdrawing their coins from Kraken. first groups of investors/clients are forming to sue Kraken. Thus ... chances are they may close their site telling everyone they need time to fix it. Or they might pull a coin heist soon. (Always think the unthinkable) It's an unregulated crypto world. When they see the ship is sinking - they may announce they 'got hacked;)' and that's it. Once a happy Kraken client, I have withdrawn all my coins by now and keep them in cold storage for the time being. I made this decision because I feel Kraken can not be trusted at this point of time. Good luck to everyone. |
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Being a novice like many in this day and age with Bitcoin and Krakens non-user friendly interface. Our plan was to deposit 0,5 XBT from a Bread wallet to my partner’s bitcoin deposit address in her Kraken account.
My partner and I read through the FAQ that Kraken provides on how to send XBT from a wallet to a Kraken deposit account. In their FAQ, they did not state that you have to be aware “Bitcoin Cash” deposit address is done the exact same way as to generate a “Bitcoin” deposit address.
As you may know, not many trading platforms trade in Bitcoin Cash, it is even seen as an attack on Bitcoin because it can cause confusion. Kraken’s website is very plain and their list with currencies not in alphabetical order. Bitcoin and Bitcoin Cash are not even listed following each other. One is listed at the top and one on the bottom. We, unfortunately, generated a “Bitcoin Cash” deposit address instead of a Bitcoin deposit address. There was no explicit warning to make sure you wanted to trade in “BCH” instead of “XBT”.
I mistakenly transferred o,5 XBT from my Breadwallet to my partners Kraken BCH Deposit account. Once the transfer stated “complete” in my bread wallet, we did not see the funds in her Kraken account. We contacted Kraken and bread wallet support immediately. Kraken could see that it transferred to a BCH address and knew how to transfer it back to my wallet but they chose not to.
Breadwallet’s support was very helpful, clearly stating what we should do to resolve this issue but I cannot say the same of Kraken support. When their response eventually came through, we were absolutely shocked with the generic reply saying that it was not their policy to help us. Due to a “short of development staff and battling an old engine” they think they have a claim to not retrieve misplaced bitcoins. A coin that is becoming the most valuable form of currency. No one in their right mind will just let this slide. We feel that we were misguided by their website and that the FAQ and their UI are not clear enough to prevent future mistakes an opinion they openly shared with us in the email chain. We kept on bringing solutions to Kraken’s table, even offering a full review of their FAQ and UI in return of the o,5 XBT. They, however, have not returned our emails. We have still not received an answer from one of their managers, which they said they would provide.
We know for a fact that they could give us a private key for my specific BCH deposit account which then we can easily place in the Bread wallet that will put the bitcoin back into the wallet it was sent from.
We feel that Kraken is another trading platform that cannot be trusted and hides behind ill policies that do not help their clients. If trading platforms such as Kraken do not step up their game in acknowledging that novice users are becoming the majority of traders, people will lose faith in the future of cryptocurrency trading.
We're asking that you share this message to avoid future loss of bitcoins. Also, if anyone has more extensive knowledge on how to retrieve our bitcoin, that will be highly appreciated.
Heavy stuff - I was also Kraken Client and I feel with you. I'd recommend to post here for better visibility https://bitcointalk.org/index.php?topic=290799.0 |
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@Dargo and @Kraken-support staff
(Please, forward to Jesse Powell and Kraken Management Team:)
As for the trading engine lags which costed me so much money in the last couple of months, mainly as forced losses due to not being able to close position, ...
I've just decided to leave Kraken, and I've successfully withdrawn quite a large amount (more than 99.5%) of my coins ( btc withdrawal ). I keep only a very small amount of coins at kraken.
Kraken - today you have lost another big client
- and as you already assume right
- you can only blame yourself for it.
A note to all Kraken clients: Here is why I have withdrawn almost all my coins from Kraken:
1- most of the time I am unable to input orders / open long or short positions
2- most of the time I am unable to close positions
3- as a market-maker: My matched and crossed limit orders for opening/closing positions are not (or sometimes even too late) being executed.
4- as a mark-taker: My market and limit orders for opening/closing positions are not going through
5- Kraken engine needs always a very! long time to display an order has been accepted.
Thus, when I try to close a long, Kraken does NOT confirm it in a timely manner on the screen.
So I am unable to know: Was that position closed or not ?
Once I see no reaction, I try to close the same long again, just to be sure it is closed.
But what I am now ending up with is:
1x closed long + 1x new opened short position
- and due to the extremely big lag of their engine, I will figure that only after minutes (that's when it's usually to late).
Imagine that:
You want to close your long to take in profit or cut losses,
but what you get is a new opened short which produces even more losses or cut even more profits - it's disastrous !
IMO, a (hypothetical) responsible Kraken management would have CLOSED KRAKEN TRADING all together,
to not only work on a fix but to re-code the malicious parts of the trading engine from the scratch.
I am hearing Kraken coded it's own in-house solution once they started out back in Oct 2013.
(Here we can learn that a custom-coded solution may sure have it's advantages, but may get you in deep trouble once that coder stops working for you.
If he once re-invented the wheal (code) it's hard to fix something so complex by any new coder.
So it looks to me like a dead-end street for Kraken:
(a) do nothing an loose clients and die slowly
(b) rewrite the code, test it, bring it live - ... if that takes too long, the result equals (a)
Good luck!
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@DARGOAre you aware of IF there is anything the Kraken devs are currently working on to reduce the many problems (lagging) with their trading engine when it's under load  As we all know, creating new orders or even closing positions at kraken.com most of the time does not work when markets start moving. Dargo, this is a serious issue and costs us money - and here it stops being acceptable. Many long standing btctalk+kraken members are living with these problems. It's being talked about not positively in chats between reputable traders on the net and in real life meetups. Kraken is already loosing it's once excellent credibility. We can only hope Kraken takes the right measures to provide fast working solutions. Otherwise - there is going to be no light at the end of the tunnel, but a train ! Things which need urgent fixing by Kraken.com :1 Invest in an excellent and experienced team of coders who know what they are doing, to urgently optimize Kraken's trading engine - it lacks basic functionality and gets completely overwhelmed (lagging) once traffic rises 2 Invest in Development and enforcement of a professional Customer support strategy3 Employ more professional support staff and train them on Kraken-typical critical issues4 Drastically lower the time to respond to client's support tickets of your customers. (No canned responses.) Kraken is earning heavily on trading fees and accumulating profits. Time to do the necessary ! Patience has an end.A once happy Kraken Client (Please, forward to Jesse Powell and Kraken Management Team. Thanks) Not only +1 to this post but probably +5! I totally agree with it and i hope that this update that you announce couple days earlier to solve (at least) the half of these issues. Things are getting worse every day that passes with lagging, posting duplicate orders, wrong balances and almost an hour to place/cansel orders. I will not mention Support because some things are simply out of their hands. For sure Kraken needs more people but if the platform/software is problimatic, what Support can do? Almost nothing i suppose...
do people still experiencing the wire transfer issues?
cause a month back everybody was crying about how their wire still not in their accounts after several weeks.
i now need to make a wire to kraken but a little afraid if it is still the case.
by the way their new server looks much better.i am experiencing musch less lag.
I don't know about Wire Deposits since i didn't make any until now, i make though yesterday a Wire Withdraw and waiting to see when it will be credit to my bank account. As for the lagg, just before i post here i "manage" to cancel an order of mine. It took me almost an hour to do this... @condoras How did your wire withdrawal do ? How long did it take to go through? SEPA withdrawals used to go fast fast in the past - did that change for you? |
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@DARGOAre you aware of IF there is anything the Kraken devs are currently working on to reduce the many problems (lagging) with their trading engine when it's under load As we all know, creating new orders or even closing positions at kraken.com most of the time does not work when markets start moving. Dargo, this is a serious issue and costs us money - and here it stops being acceptable. Many long standing btctalk+kraken members are living with these problems. It's being talked about not positively in chats between reputable traders on the net and in real life meetups. Kraken is already loosing it's once excellent credibility. We can only hope Kraken takes the right measures to provide fast working solutions. Otherwise - there is going to be no light at the end of the tunnel, but a train ! Things which need urgent fixing by Kraken.com :1 Invest in an excellent and experienced team of coders who know what they are doing, to urgently optimize Kraken's trading engine - it lacks basic functionality and gets completely overwhelmed (lagging) once traffic rises 2 Invest in Development and enforcement of a professional Customer support strategy3 Employ more professional support staff and train them on Kraken-typical critical issues4 Drastically lower the time to respond to client's support tickets of your customers. (No canned responses.) Kraken is earning heavily on trading fees and accumulating profits. Time to do the necessary ! Patience has an end.A once happy Kraken Client (Please, forward to Jesse Powell and Kraken Management Team. Thanks)
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Have you considered adding live chat support?
I'd support this idea - however this is most likely not on Kraken's priority list. |
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It appears to have been the global margin limit, and it worked fine again after a short while. Thanks Dargo, for clarifying  Hi Dargo
All my last margin orders I was trying to put in got canceled immediately.The reason given was: Insufficient Margin
...
Is it because Kraken hit it's limit for lending out funds used for margin trading?
Thanks
It sounds like it's the global margin limit for the exchange, meaning we currently don't have funds to advance for margin trading. But if the issue persists please create a ticket about it and we'll take a closer look. |
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Hi Dargo
All my last margin orders I was trying to put in got canceled immediately.The reason given was: Insufficient Margin
It's worth to mention I had not 'active position' nor any 'open order' nor 'pending withdrawal request'.
And sure I have plenty of funds available
Used Margin €0.0000
Total margin amount used in open positions.
Free Margin €xx,xxx.xx
Usable margin balance. Equal to equity minus used margin.
Margin Level ——
Percentage ratio of equity to used margin.
So why are all my orders getting canceled ?
Is it because Kraken hit it's limit for lending out funds used for margin trading?
Thanks
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Insufficient Margin - order cancelled ! Hi @Dargo, Today at 12:25:30 CET 14.12.2015, At the moment when someone did a market sell of ca. 300 or more coins price went down in a matter of seconds from 406-->397.19 https://i.imgur.com/1sOfeNr.pnghttps://i.imgur.com/O3F4gUU.pngAs you can see, a few minutes earlier, at 12:14:22 CET, I had successfully opened a small margin LONG order (5x lev 11BTC-long). Surprisingly, this order was cancelled by the system at the very moment [12:25:36] when it should have been executed. Reason: Insufficient Margin Why is that? -I had sufficient coins available. -Usable margin balance must have been sufficiente, because I had no other position open at this time. Thanks for taking the time to explain. |
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Ok, solved with support.
Question... What will Kraken do to prevent such ddos attacks in future? Bitstamp for example solved that perfectly with Amazon.
We've already done some things that should help and plan to do a lot more. We are considering a switch to a different provider of DDoS protection. This is something the developers are working on and I don't have too many details at this point, so I can't say too much about it. But we understand that clients are concerned to know that we are taking appropriate measures, so we'll make a more detailed statement about it soon. Great idea to move to a different DDoS provider |
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Dargo,
Scary stuff.
My observation from the last 3 hours is, that as long the price is moving *not close* to any important trend line, the site is accessible. But, at the very moment when the price moves very close to an important trend line (possible breakout expected), site becomes inaccessible or as I am logged in already it stoppes responing at all. - this happened the last 3 hour every single time for such a case. So the last 3 hours wasn't any breakout or huge price move, and the site became accessible again.
But during my trading yesterday, once larger price moves happened, it was impossible to perform any action until about 5 -10 minutes after heavy price movements had stopped.
It's obvious that this didn't help me to prevent losses or take profits.
The scary part is, that it really happened every single time. So the attackers clearly seem to know what they are doing.
Anyone else observing similar things ?
As I mentioned before, this may be due to increased trade action under those circumstances rather than increased level of attack under those circumstances. With the heavy increase in traffic, some legit, some not, our systems are under heavy load and part of the solution we are working on is a system upgrade. All right I get it. However, once action happens, trading on the website like placing/cancelling orders is not possible for me. Good to know you are working on a system upgrade. |
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Whoever is doing the DDoS is probably doing it to manipulate price and of course they are going to try to cause trouble right when the market starts to move and is most ripe for manipulation.
If your website is down and API unaccessible how is price moved? Who can place market orders while all the rest can't? Why the attackers are so confident they can trade at Kraken while all the rest can't? We are investigating to see if we can find a connection between the DDoS and trading on our site and will take appropriate action if we can identify someone, but it may be very hard to do so.
Is there a customer or group of customers that have privileged access to your trading engine? They must also have access to the order book, including hidden orders! They can profit only if they know at what price level majority of 'take profit' and 'margin liquidation' orders are grouped. Dargo, Scary stuff. My observation from the last 3 hours is, that as long the price is moving *not close* to any important trend line, the site is accessible. But, at the very moment when the price moves very close to an important trend line (possible breakout expected), site becomes inaccessible or as I am logged in already it stoppes responing at all. - this happened the last 3 hour every single time for such a case. So the last 3 hours wasn't any breakout or huge price move, and the site became accessible again. But during my trading yesterday, once larger price moves happened, it was impossible to perform any action until about 5 -10 minutes after heavy price movements had stopped. It's obvious that this didn't help me to prevent losses or take profits. The scary part is, that it really happened every single time. So the attackers clearly seem to know what they are doing. Anyone else observing similar things ? |
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I don't believe there are DDoS attacks. The 'DDoS' attacks, as Serpens66 pointed out, always coincide with strong price movements. Kraken's customers can't take advantage of obvious trading and arbitrage opportunities. Usually this is unmistakable sign of insider manipulating profit taking and margin liquidation price levels.
No way that Kraken would risk doing just that. (IMO) Plenty of other possible bottlenecks "could" play a part (just brainstorming here) : Just to name a few: - server/hardware configuration/setup (tweaking/upgrade needed?) - database processes handling (tweaking needed?) - general coding (rewriting parts of code to use resources more effective - that takes long but often makes the difference) - Cloudflaire protection filter tuning (balancing between fastest possible access of clean traffic while malicious traffic gets blocked) etc etc. (edited for wording) |
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the DDOS starts exactly to the moment of the big price movement?? (right now)
I experience the exact same behavior. Once price movement gets heavy, it starts lagging and then ... site becomes inaccessible. After heavy price movement is over, site becomes accessible again. And exactly this lets many of us think twice about the officially reason given (DDoS). Whatever it is, I am sure tech staff is working to resolve it. Why? Because it's a normal thing to do for professional folks at Kraken. After all, Kraken's reputation is at stake here. Problems happen, but it's the way how to deal with / solve them, which sets a company apart from the rest. Release the Kraken ! Cheers |
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Hi all - we understand your frustration and will be doing what we can to increase protection against DDOS. DDOS protection is only a matter of degree though and no matter what you do, it's still possible for someone with enough resources to successfully attack. Unfortunately there are people out there who can't make money on their own trading/investing skills and have to resort to this crap in an effort to make a buck.
Dargo, Absolutely. If someone wants to get your site down, they probably will be able to do so depending on how much resources they are willing to use against it. You said "...[we] will be doing what we can to increase protection against DDOS..." Question: Is it possible to be more specific, without giving out knowledge to potential attackers? |
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Thanks for that - worked flawless |
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Does kraken currently have performance issues? Today, it often does not react or only very slowly.
I am using Kraken actually 24/7 and don't have the issues you mentioned. However there are certain times it it might react with a slight delay, i.e. when we see a flash crash like on 19.8. but that one wasn't that heavy at Kraken, so I placed my orders and they went through as always, didn't feel any delay. |
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