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Kraken’s trading bug shakes the market: Can we trust exchanges anymore?

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Malaki Braydon
Malaki Braydon
Braydon has been into the crypto and blockchain space from the past 7 years. Based in New York City, Braydon has completed his masters from Kingsborough Community College.

The finance industry is facing a tough time as a lot of event across the globe are affecting its pace. At first, there were drone attacks on Saudi Aramco that sent the financial markets in turmoil. Followed by this, one of the leading cryptocurrency exchange-Kraken was under the attack of a bug which allowed the people to buy Bitcoins at a lower price and sell at a higher rate.

Kraken confirmed the glitch through Tweets, and it said that the bug was the result of an unreleased advanced order type that they were testing. Bitcoin was trading around $10,300, and the bug allowed some users of Kraken to purchase Bitcoin at $8,000 and sell it for around $12,000.

Critics were not happy about the incident that happened, and they went crazy with their response to the news about how stupid it is to run such a test on a live market. Some asked about who the clients were who got the chance to buy BTC at $8,000 and sell them at $12,000.

Jesse Powell, CEO of Kraken, decided to go ahead and clap back at the critics as he mentioned how the tests have been running for a few months now. A production beta was important before rolling out the full public version. He further added that it’s not possible to find all the bugs, all the time and sometimes the bug arise after the testing. Powell said that the whole production software is continuously going through testing to look out for bugs, patches, and updates.

Recently, Kraken caught the eye of many people when an anonymous transaction worth $260 million in Stellar was made with its value around $15 million. This wasn’t even over, and now this bug was found. Fortunately, none of these events have affected the reputation of the group in any way.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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