Payward, Inc. d/b/a Kraken is the self-touted “largest Bitcoin exchange in euro volume and liquidity and also trading Canadian dollars, U.S. dollars, British, pounds and Japanese yen.” KRAKEN further promotes itself as “consistently [being] rated the best and most secure Bitcoin exchange by independent news media.”
However, Kraken has exposed its accountholders to numerous “flash crashes” and Distributed Denials of Service (DDoS) that engendered wild valuation swings in several cryptocurrency markets, including the market for Ether coin. Those events triggered forced liquidations of client margin accounts and caused tens of millions of dollars in damage to accountholders who were unable to halt their losses while Kraken’s web servers were overburdened to the point that it was virtually impossible for accountholders to login and/or interact with the system using the web front.
On behalf of several customers who suffered account liquidations at the hands of Kraken's malfeasance and substandard security protocols, we filed a class action lawsuit against Kraken in the United States District Court - Middle District of Florida -- Case No. 8:17-cv-01623-RAL-TGW. The matter was subsequently relocated from federal court and is currently proceeding in arbitration, where a former federal District Judge will rule on our clients' claims that they were harmed by Kraken's fraud, negligence, and false advertising.
See the Federal Court Class Action Lawsuit:
If you have lost money at Kraken in either a “flash crash,” a DDoS, or due to some other flaw in Kraken's trading platform or security protocols, we want to help you recover your losses. Please contact us with information about your claim and your investment losses.