The latest crypto rally paved the way for increased trading activity in the industry. This had required exchanges like Kraken, Binance, Coinbase, and other prominent crypto platforms to stay on top of their game. However, the crypto market experienced carnage as all the assets were plummeting.
The entire crypto market, during the time of writing, was seen drowning in the red sea. From a high of $57K, Bitcoin crashed to a low of $45K. Kraken, however, was seen experiencing a “flash crash” as the price of BTC slumped below $45K, while Ethereum dropped to a low of $700. This came across as surprising considering no other exchanges endured such a crash. The crash further insinuated the liquidation of leveraged trades on Monday.
These activities seemed to have infiltrated a sense of anger and worry in many Kraken users. An array of tweets and Reddit posts regarding the same were swarming in the crypto community.
Kraken Users Hit Back
The Kraken Support page on both Twitter and Reddit saw several queries concerning the funds of the users. While several complained that they had lost money, a few others revealed that their deposits/ withdrawals were stuck.
A Reddit user, who goes by the username, RedditKenCann revealed that the individual had lost a whopping $215,000 in ADA on the exchange, the exchange’s latest glitch reportedly cost them their entire amount stored on the platform. This user further urged other users who have been affected by this to take this to a lawyer.
Another user reported that they had lost their life savings during the latest crash. The post read,
“I lost most of my life savings and haven’t received a response from a human. I’d think they would refund or they would lose all their customers. I’m sick to my stomach but will join the lawsuit with plenty of proof(screenshots) if not refunded”
While Kraken replied to certain users suggesting that an investigation was underway, several others were looking forward to a statement by the exchange.