Kraken Lawsuit
In recent months, though, Kraken has exposed its accountholders to numerous “flash crashes” and Distributed Denials of Service (DDoS) that engendered wild valuation swings in several cryptocurrency markets, including the market for Ether coin. Those events triggered forced liquidations of client margin accounts and caused tens of millions of dollars in damage to accountholders who were unable to halt their losses while Kraken’s web servers were overburdened to the point that it was virtually impossible for accountholders to login and/or interact with the system using the web front.
In a November 2017 Reddit exchange with users, Kraken's own Chief Executive Officer Jesse Powell admitted that there is “no defending the recent state of the platform” and that Kraken has given up “applying more Band-Aids” to its irretrievably broken system. Rather than shutting down its system or even notifying its users of the known flaws that pervaded its platform, though, Kraken pretended that everything was fine and continued charging its standard fees for services that even Kraken knew were substandard. In many instances, accountholders who complained of harm as a result of the slowdowns, shutdowns, security gaps, and system failures at Kraken were stonewalled by Kraken, which defended its refusal to compensate those injured clients in the face of what even Mr. Powell himself has described as an indefensibly-broken platform.
On behalf of nearly three dozen aggrieved customers who suffered losses of approximately Thirty-Eight Million Dollars ($38,000,000.00) as a result of Kraken’s acknowledged-but-unremedied malfeasance and substandard security protocols, we are currently prosecuting against Kraken a group claim before a private arbitral authority, where a former federal District Judge will rule on our clients' claims that they were harmed by Kraken's fraud, negligence, and false advertising. The matter is presently ongoing.
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