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Kraken: trustworthy or not ?

Discussion in 'Exchanges' started by AjM, May 1, 2017.

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  1. AjM

    AjM Well-known Member
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    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

    [​IMG]
    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.
     
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  2. dashly

    dashly Member

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    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.
     
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  3. 7dhdaQhZ

    7dhdaQhZ New Member

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

    Biltong Active Member

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    Don't trust any of the exchanges EVER
     
  5. Tallyho

    Tallyho Member

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    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.
     
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  6. AjM

    AjM Well-known Member
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    And how you do explain stolen funds, even if login 2FA was enabled?
     
  7. AjM

    AjM Well-known Member
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    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.
     
  8. Biltong

    Biltong Active Member

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    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 :)
     
  9. crowning

    crowning Official Dash Dev
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    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.
     
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  10. AjM

    AjM Well-known Member
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    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.
     
  11. dashly

    dashly Member

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    ^^^
    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.
     
  12. crowning

    crowning Official Dash Dev
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    Understandable.
    I'm just a small trader exchanging a Dash or three from Masternode rewards...
     
  13. AjM

    AjM Well-known Member
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    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.
     
  14. AjM

    AjM Well-known Member
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    Yes, so whats the point if trade/withdrawal 2FA can be disabled without email verification, if you do not use login 2FA?
     
  15. dashly

    dashly Member

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

    AjM Well-known Member
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    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 :D
     
  17. Naruto

    Naruto Member

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


    使用Tapatalk 發送
     
  18. fernando

    fernando Powered by Dash
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    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.
     
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  19. halso

    halso Active Member

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

    AjM Well-known Member
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    Yep, i will test their security and after that begin test usage in the small scale first.
     
  21. AjM

    AjM Well-known Member
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    Do you want share that burn?
     
  22. halso

    halso Active Member

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    ha, not really. I've just got over the pain. ;-)
     
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  23. AjM

    AjM Well-known Member
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    Ok, i made my Kraken security setup like this:

    EMAIL:
    - Protonmail (end to end PGP encrypted)

    LOGIN:
    - Strong password (20-30 random chars)
    - 2FA

    FUNDING:
    - 2FA

    ACCOUNT SETTINGS:
    - Global settings lock enabled
    - Global settings masterkey strong password (20-30 random chars)

    With this setup, i am quite confident about security.
    Thanks for all comments.


    https://www.kraken.com/help/faq
     
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  24. jimbursch

    jimbursch Active Member

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    Also, to improve your security and reduce your third-party exposure risk, don't store your Dash in the Kraken account -- just move funds in to make a trade, then move founds out to your secure storage -- ideally a hardware wallet. Leaving funds sitting in the exchange account is not recommended.
     
  25. AjM

    AjM Well-known Member
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    Indeed.
     
  26. fernando

    fernando Powered by Dash
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    Instant send for deposits and withdrawals, it can be done :)
     
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  27. AjM

    AjM Well-known Member
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    Instant send was not instant, only normal speed when i sent to them.
     
  28. fernando

    fernando Powered by Dash
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    Well, not pure intant send, but they credit your account after 1 block confirmation if you send with instant send. I've just rechecked and it still works. If you are not experiencing it, maybe it is related to verification levels or history or something like that...
     
  29. AjM

    AjM Well-known Member
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    Yep, my first test instantsend was 10 Dash and it took about 10 mins to get it done.
    No problem to me, i'm not in that hurry.

    Now i 'fight' with euro withdrawal, can someone clear to me what this mean?
    My own name or bank account name?
     
  30. Tallyho

    Tallyho Member

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    The bank account must be in the same name as the name you gave in your Kraken verification, so if you're signed up to Kraken as Fred Smith, you can only withdraw funds to a bank account in the name of Fred Smith. It's an AML thing, to prevent Kraken being used as a middle man in transactions with third parties.
     
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