Kraken: Significant Systems Upgrade due to Massive Load

The increase in Bitcoin prices brought an elevated trading activity, which in turn put a strain on digital asset exchange systems. The old San-Francisco-based, Kraken, announced this week it would provide a vital systems update to support the load on its servers. Other exchanges, including companies such as BitMEX, Coinbase, Gemini Exchange and others were precedents on this move.  Earlier this year, Kraken delisted some assets and sharpened the quotes on its systems to manage system load.

Gradually on this week, Kraken has informed about the rolling out of a major systems upgrade, aiming to solve issues like scaling and load. According to the company, this update is long belated due to the distraction of the resources toward the continuing spur of the moment efforts required to deal with the massive load of the transaction on its system.

The company stated:

“The recent, unexpected explosion in demand has been overwhelming. Each of the past few days has produced 50,000 new account registrations and 10,000 new support tickets – an order of magnitude above where we were just last quarter. Concurrent users, daily trades, and volumes are also hitting new all-time highs. We are struggling to keep up. Kraken.com performance is extremely degraded and unreliable. Clients can expect severe latency and difficulty interacting with all web and API services. Requests will frequently timeout and fail. At the moment, the only situation is to wait and try again later.”

A warning to current users about the temporal no phone support with several reports of phishing attempts through fraudulent Kraken support phone numbers advertised on the Internet was published by Kraken. As always, no passwords or installment of software will be asked by Kraken.

Also, Kraken glozed that its banking partners have watched an increase in transfer processing and current delays are outside of usual limits, especially for domestic USD. However, regular crypto funding remains uninfluenced.

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