Kraken members need to generate new bitcoin and tether addresses for deposits

[candy27]

Have just received the following email from them:

Before making your next bitcoin (XBT) or tether (USDT) deposit you must create new deposit addresses. Please do this as soon as possible - as of October 30 deposits sent to old XBT or USDT addresses will be delayed and may be charged an extra service fee.

Why do I need new deposit addresses?

As part of an upgrade to our wallet infrastructure, we are phasing out our integration with BitGo. This is not in any way motivated by a concern over the quality of BitGo’s service. We are simply moving bitcoin (and tether) to an alternative system that provides similar security benefits with multi-party signing. Migrating bitcoin to the alternative wallet system will help make our infrastructure more unified and easier to manage. Please note that “BitGo Instant” withdrawals will no longer be supported as of October 30.

What if I send bitcoin (XBT) or tether (USDT) to an old deposit address?

Old XBT and USDT deposit addresses are set to expire on October 30

Before October 30 old addresses will work normally. After the addresses expire deposits will still be credited but will be delayed and may be charged an extra service fee as follows.

Expired XBT addresses starting with “1” - no service fee Expired XBT addresses starting with “3” - 0.25% service fee Expired USDT addresses - 0.25% service fee Note that the service fees above apply only to deposits sent to the old XBT and USDT deposit addresses after they expire on October 30.

Do I need to generate new addresses for anything other than XBT and USDT?

No - only bitcoin (XBT) and tether (USDT) are affected by the upgrade.

How do I generate the new addresses?

The new addresses are generated in the usual way.

Log into your Kraken account Navigate to Funding > Deposit > XBT (or USDT) Click “Generate New Address” Thank you for choosing Kraken, the trusted and secure digital assets exchange.

The Kraken Team

[1715132906]

1715132906

[pinkflower]

Ty for the update.

From my perspective, generating new addresses everytime you make a deposit should become the standard way of sending BTC and other cryptocurrencies to an exchange and others anyway. It simply protects your privacy. The whole world doesnt have to know what I do with my money by looking at my TXID in blockchain.info.

[lite]

I received the email too, i think everyone did? anyways i always generate a new address before depositing, i use each bitcoin address only once.

[piloder]

Ty for the update.

From my perspective, generating new addresses everytime you make a deposit should become the standard way of sending BTC and other cryptocurrencies to an exchange and others anyway. It simply protects your privacy. The whole world doesnt have to know what I do with my money by looking at my TXID in blockchain.info.

I am with you, I also think exchanges should allow creating new deposit address everytime we want so that we can remain anonymous. With recent crackdown of btc-e and many other bitcoin related sites, privacy has been major concern for bitcoin users. Using same deposit address can be dangerous if government start to make chain-analysis to reach individual involved with the site/exchange.

Thanks for the info OP.  

[djorkaef]

OK great, so I have been mining for 2 months directly into a kraken.com wallet, and nicehash minimum payout treshhold is 0,01 bitcoin. So how was I supposed to transfer my 0,005 pending bitcoin balance on October 26th to another wallet, with 4 days of notice? Impossible on every mining pool. Currently I am at 0,01 bitcoin and nicehash just deposited my funds to a wallet that was deleted by Kraken.com! No "delay", no "expired", no "fee", only a disappeared wallet. Thanks for stealing my money!

[richardsNY]

OK great, so I have been mining for 2 months directly into a kraken.com wallet, and nicehash minimum payout treshhold is 0,01 bitcoin. So how was I supposed to transfer my 0,005 pending bitcoin balance on October 26th to another wallet, with 4 days of notice? Impossible on every mining pool. Currently I am at 0,01 bitcoin and nicehash just deposited my funds to a wallet that was deleted by Kraken.com! No "delay", no "expired", no "fee", only a disappeared wallet. Thanks for stealing my money!

Don't act like Kraken has stolen anything from you. I can agree that this is a bit of an annoying situation, but at worst you'll be forced to pay a certain fee to get the funds back that were sent to an older address. Kraken isn't dumb enough to delete their wallets, because they know that people will still keep sending funds to older addresses, so they will always remain control over these wallets, that's pretty much guaranteed. Just contact them and explain your situation, and you'll be fine, but be prepared to wait a good while since exchanges are insanely slow when it comes to solving similar issues, especially in current times with an increased number of complaints.

[LeGaulois]

Nice to see I find here the answer to what I asked them in a support ticket.... 5 days ago without a reply. I don't remember that I received this email or maybe I missed it. First time I see this happening with an exchange, hope it will be the last time because it's quite annoying to the say the least.