Muddied Waters: Kraken Exchange (Finally) Back Online After Upgrade
73 hours may not seem like a long time. For a cryptocurrency investor with their funds frozen indefinitely however, such time can feel very slow indeed. Particularly when their exchange had forecasted a scheduled (reattempted) upgrade to last just two hours. Yes, users of the crypto exchange Kraken would have felt quite the range of emotions over these past few days.
A stalwart of the Bitcoin movement, Kraken has operating since mid-2011. Yet what started as an innocuous two-hour long upgrade turned into a PR nightmare for the San Francisco-based exchange, who just experienced their longest downtime to date.
The issue started back on January 6 – whereby the initial two-hour upgrade was scheduled for 22:00 UTC. Kraken delayed the start time thrice, before then conceding defeat 10 hours later, stating that “in the process of performing final checks ahead of rollout, we discovered a problem in one of the system components,” and that they’d “make another attempt after the issue has been resolved.”
Unfortunately for Kraken, this initial failure was just the beginning. Having resolved the issue, the two-hour upgrade was rebooked for 5:00 UTC on Thursday (January 11). After actually beginning the upgrade (on-time too), they soon ran into surprises. This caused Kraken to delay the upgrade’s completion by 2.5 hours, then 2 hours, then 3 hours, before (finally) refraining from providing any forecasted end time in their subsequent communications.
Finally, a restricted version of Kraken returned at 11:30 UTC on Saturday (January 13). Not yet half an hour later, trading was halted, before returning hours later. By 6:35 UTC on Sunday, Kraken at last declared its (restricted) system to be performing smoothly. Withdrawals remain suspended however, are forecasted to be available no later than 1:00am UTC on Monday.
Whilst the timing can never be great for disasters like these, it is far from ideal for Kraken, who is part of a market that has been subject to widespread scrutiny of late; struggling with insatiable demand for crypto trading which has seen many indefinitely shut down their services to registrants.