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Wednesday, June 23, 2021

Kraken Exchange: buy Bitcoins for $ 8000, resell for $ 12,000

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Amit Kumar
Amit Kumar is editor-in-chief and founder of Revyuh Media. He has been ensuring journalistic quality and shaping the future of Revyuh.com - in terms of content, text, personnel and strategy. He also develops herself further, likes to learn new things and, as a trained mediator, considers communication and freedom to be essential in editorial cooperation. After studying and training at the Indian Institute of Journalism & Mass Communication He accompanied an ambitious Internet portal into the Afterlife and was editor of the Scroll Lib Foundation. After that He did public relations for the MNC's in India. Email: amit.kumar (at) revyuh (dot) com ICE : 00 91 (0) 99580 61723

One of the longest running Bitcoin exchanges, Kraken (founded in 2011), was recently affected by a bug that allowed some user-customers to buy the virtual currency for about $ 8,000 and then immediately sell it for $ 12,000. thus generating an important gain. The problem has been found and solved, as the service managers communicate.

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Kraken Exchange: a bug in Bitcoin trading

The anomaly occurred on Friday, September 13, as we learn from the tweet attached below. The responsibility seems to be attributable to the testing phase of a feature not yet made available by the exchange in a definitive way: something went wrong, giving rise to the bug and thus allowing transactions to be carried out with reference values ​​altered with respect to those of the market.

Jesse Powel, founder and CEO, intervened to downsize the story. To date the service, based in the United States and also accessible from the old continent, appears to be the 53rd in the world (source CoinMarketCap) by volume of Bitcoin managed: over 113 million dollars every 24 hours. At the head of this particular ranking of the exchanges is BitMart with 955 million, followed by BKEX with 938 million and LBank with 915 million. As mentioned at the beginning, among those active Kraken is one of the oldest: it was launched in July 2011, as was Bitstamp (105 million).

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