Kraken paused XMR withdrawals. (hackertalks.com)

submitted 3 weeks ago by jet@hackertalks.com to c/monero@monero.town

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Wtf is going on with kraken?

https://status.kraken.com/incidents/rzd4fm71v33m

Currently we have paused Monero (XMR) withdrawals.
Deposits are unaffected and still require 32 confirmations (~1h) before crediting.
We are actively monitoring the situation and will provide more updates as they become available.

The last update was 2 days ago, basically it's been down for a week.

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[-] Electricd@lemmybefree.net 1 points 3 weeks ago

Saw this as well, but I would have liked more transparency from them (what went wrong..)

[-] jet@hackertalks.com 1 points 3 weeks ago

I think it's obvious they are fractional reserve, they sell more monero than they have. And then when the price goes high a lot of people withdraw, and they're left in the lurch to actually come up with the monero they didn't have.

Well that's my guess at least

[-] Electricd@lemmybefree.net 2 points 3 weeks ago

Kraken has always passed the reserves tests, are audited from what I remember, and publish proof of reserves for cryptocurrencies that allow it. I don't believe they use fractional reserves.