Kraken Suffers Major Outage After Crypto Rebounds – What happened?

While exchanges play an enabling role in the digital asset arena, they are not always ready to serve a rapidly explosive market when traffic over the blockchain networks spikes, the ability of these exchanges to effectively and efficiently serve becomes questionable.

The cryptocurrency market is subject to peaks and market declines. This volatility affects the platforms’ operations, as it can cause a frenzy in trading activities.

The exchanges within which account users transact experience high trading volumes or low traffic. Whenever there is a high volume, the system becomes overloaded, and the functionality of the sites or applications becomes faulty.

This makes it difficult and sometimes impossible for users to secure entry into their respective accounts.

The Kraken Outage

The recent volatility in the crypto market has seen Kraken suffer a significant outage. A recent circular on the Kraken exchange status page has revealed that the users of the platform have been affected by an interruption in connectivity as witnessed within the interface of Kraken users’ exchange accounts.

As one of the oldest operational cryptocurrency exchange avenues, a technical glitch such as this one had a huge impact on users, who could not access their accounts. However, a solution was provided shortly after, and the glitch was fixed.

What Happened?

The technical glitch that happened at exactly 17:11 UTC resulted in so many account holders being unable to access their Kraken accounts because of an excess in sign-ups. Shortly after the disruption, reports, and complaints flew in about account holders having difficulty securing a connection to the site, especially when using the Kraken mobile app.

An excess in sign-ups automatically translates into heavy traffic leading into the site, an outcome that may either make the process slow or unsuccessful.

This interruption in connectivity and site access is common in the crypto space, especially when there is an unexpected price or volume hike in cryptocurrencies. Another issue that was also associated with this interruption was that users were experiencing abnormally slower response times from the Kraken support team, a delay that further irked users. The programming interface featured in the Kraken app was also temporarily non-functional. This made it so that exchange users had difficulty securing a connection to the site, mobile apps, and even the API.

The troubleshooting intended to solve this problem went on for at least 2 hours before the Kraken exchange came forward to reassure users that they had finally identified the cause of the problem and had set plans in motion to resolve it and restore normalcy to the site and exchange.

What Does Kraken Have to Say About This?

In a statement by Kraken Pro App, they were cited saying, “the issue that has caused the witnessed inaccurate volumes in the trade as displayed in the Kraken Pro App has been identified, and a fix is currently underway. We will provide an update as soon as it is resolved.”

In response, the platform put a temporary barrier against new account registrations to control the high demand. With this halt, system engineers were also commissioned to resolve the glitch and restore normalcy so that there would be unrestricted sign-ups and, therefore, transactions over the platform. The exchange also articulated that the technical glitch did not affect payments that entailed using the “Buy crypto” or card payments through the website or mobile app use.

The server outage resulting from user volume hike and, therefore, a notable accumulation in transactions has been witnessed in several other instances. It is a reminder that unexpected traffic has the potential to cripple the servers of even the strongest exchanges, similar to what happened in Binance, the largest cryptocurrency exchange, in May.

The platform has also apologized to the new entrants, and the existing account holders as the event has interfered with their right to convenient trade. While blaming the failure in connection to the sudden in-flux in platform usage, Kraken has also issued a polite call to action to cryptocurrency traders to remain calm.

The platform also urged users to understand that access to even bigger exchange platforms is sometimes interrupted with a “time out,” and services become unavailable, particularly when the volume of registrations skyrockets or when trading activities are at their peak.

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