The Case Against Kraken
ETHNews (July 6, 2017)
David Silver Quote :
Kraken had the obligation, ability, and opportunity to protect customers and chose not to."
Filed on July 5, 2017, a class action complaint against the Kraken cryptocurrency exchange alleges that the trading hub is responsible for losses suffered by account owners due to its wrongful acts.
Attorney David C. Silver of the Silver Law Group, is counsel for the plaintiffs and the proposed class, who saw their trading positions liquidated by Kraken during an alleged simultaneous distributed denial of service (DDoS) attack and flash crash that took place on May 7. The five plaintiffs are claiming a combined loss of 3,414.08669 Ether, which they estimate to have been worth $328,844.83 on the day of the attack. At time of press, this amount of Ether would be worth nearly $900,000.