Kraken: trustworthy or not ?

[AjM]

Today i signed to the kraken.com and started verification process.
My purpose is(was) going to trade there, because of Dash-Euro trading pair.
I'm now in tier 3 verification with them, but...

I did some searching about kraken, and found some very alarming stories about robbery and such.
Now i do not trust them and probably newer will transfer ANY funds or crypto to my kraken account.

These claims are from summer 2016.
Here are 2 links to read about, what you guys think about this?

Enable 2FA: Kraken Accounts Compromised, Funds Stolen:
https://cointelegraph.com/news/enable-2fa-kraken-accounts-compromised-funds-stolen

Multiple Kraken Accounts, Robbed/Emptied:
https://bitcointalk.org/index.php?topic=1559553.0

I tag some our core team members because 'we' funded Dash integration to the kraken.
@fernando @Minotaur @babygiraffe @TanteStefana @flare @moocowmoo

There are claims that several accounts on Kraken have been compromised and funds taken. Representatives of Kraken told Cointelegraph that the cases mentioned below are currently being investigated.

 

[dashly]

These security breaches are less to do with Kraken, and more to do with weak security setup by the user. Kraken offers 2FA, so use it. Also, these users were most likely "hacked" because they used the same username/password combination they've used on other sites that were hacked. Pick a unique strong password and use 2FA and you'll be fine.

 

[7dhdaQhZ]

I've had a Kraken account for approx 3 years now, 2FA enabled. Always ok. Touch wood....

 

[Biltong]

Don't trust any of the exchanges EVER

 

[Tallyho]

Indeed, never trust any exchange. But Kraken's as good as you'll get. Use 2FA and they're at least as reliable as any other exchange out there.

 

[AjM]

These security breaches are less to do with Kraken, and more to do with weak security setup by the user. Kraken offers 2FA, so use it. Also, these users were most likely "hacked" because they used the same username/password combination they've used on other sites that were hacked. Pick a unique strong password and use 2FA and you'll be fine.

And how you do explain stolen funds, even if login 2FA was enabled?

 

[AjM]

Don't trust any of the exchanges EVER

Yep, but if you sell or buy something with in exchange, you need to deposit some funds in, right?
And when you trade, it take some time, days, weeks...

Some victims claims robbing was inside job.

 

[Biltong]

Yep - used to do lending, but decided the risk is too high vs the small gain - took another risk and split my Dash between Moo and Splawik - consider it a smaller risk

 

[crowning]

I use Kraken since early 2014 and had never any issues, however I never leave any funds there.

Deposit -> Trade -> Withdraw

Recommended for ALL exchanges.

 

[AjM]

Well, my current confidence to kraken is not high enough to deposit 500 or 1000 Dash to them.
But Dash->Euro exhanges are limited at this time.

 

[dashly]

Deposit -> Trade -> Withdraw

^^^

And how you do explain stolen funds, even if login 2FA was enabled?

I skimmed through the link you posted, and it looks like the person that claimed they had 2FA enabled only had it enabled for trades and not login. Apparently Kraken sucks as far as security because they let the hackers login and change 2FA trade settings. Make sure 2FA is setup for LOGIN so this type of thing can't happen. As far as trusting an exchange, I agree with everyone on this thread... NEVER fully trust an exchange... Use it just long enough to make your trades and get out.

Kraken is legit as far as exchanges are concerned and I don't believe they had a hand in this... This was a hacker with stolen credentials who hit several people in one day.

 

[crowning]

Well, my current confidence to kraken is not high enough to deposit 500 or 1000 Dash to them.
But Dash->Euro exhanges are limited at this time.

Understandable.
I'm just a small trader exchanging a Dash or three from Masternode rewards...

 

[AjM]

Understandable.
I'm just a small trader exchanging a Dash or three from Masternode rewards...

Yep, my plan is liquidate some of my investment and quit my day job,
so, i'm little doubtful about kraken after i read all those claims.

 

[AjM]

^^^

I skimmed through the link you posted, and it looks like the person that claimed they had 2FA enabled only had it enabled for trades and not login. Apparently Kraken sucks as far as security because they let the hackers login and change 2FA trade settings. Make sure 2FA is setup for LOGIN so this type of thing can't happen. As far as trusting an exchange, I agree with everyone on this thread... NEVER fully trust an exchange... Use it just long enough to make your trades and get out.

Kraken is legit as far as exchanges are concerned and I don't believe they had a hand in this... This was a hacker with stolen credentials who hit several people in one day.

Yes, so whats the point if trade/withdrawal 2FA can be disabled without email verification, if you do not use login 2FA?

 

[dashly]

Yes, so whats the point if trade/withdrawal 2FA can be disabled without email verification, if you do not use login 2FA?

Exactly! Hopefully they fixed it since then... I use it for login though so I'm not certain.

 

[AjM]

Exactly! Hopefully they fixed it since then... I use it for login though so I'm not certain.

I have not tested at all 2FA yet, but i will when i have more time.
But if the thief is allready in the house, there is no point to lock the door

 

[Naruto]

I have a Kraken account too. Nothing happens. The only thing I concern is the trading volume.


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[fernando]

I believe Kraken to be as serious and trustworthy as it can get. But, as it has been said many times above, no exchange is completely safe. One of the reasons is that security is not only on them, but also on the users. And many users suck at security.

Kraken is huge, has outside investors, everyone is public and they have always been compliant everywhere. I understand fears because with crypto there is usually no recourse if you lose your money, but if you want to trade you'll have risks any place you go.

 

[halso]

Kracken is probably the only exchange I trust and I've been burnt by a few.

 

[AjM]

Yep, i will test their security and after that begin test usage in the small scale first.