Once my trusted crypto exchange of choice, Kraken has now fallen to my Avoid at all costs list.
Out of nowhere, Kraken suspended my account without merit; preventing me from trading or withdrawing my assets from their platform. But it's not just me! Many other Kraken users are reporting the same thing.
Consider the excessive amount of negative Trustpilot reviews that are being reported about Kraken - https://www.trustpilot.com/review/kraken.com
Other users are exposing Kraken on reddit:
while even more users are expressing their frustrations on the Better Business Bureau - https://www.bbb.org/us/ca/san-francisco ... er-reviews
Then consider Kraken's BBB rating below
Now like many others, my own assets are also being held hostage by Kraken. Then I discover that over $1 Billion in Bitcoin was recently withdrawn from Kraken via multiple large transfers!
If any accounts should've been flagged or suspended by Kraken, it should've been these accounts!
It's not yet clear if the massive transfers were made to whales, money launderers, scammers, or Kraken's own cold storage. But regardless of the destination, the amount of Bitcoin withdrawn could suggest that a scandal is in the making, especially when considering that Kraken has been suspending many accounts and withholding client funds.
My advise... Avoid Kraken at all costs.
If you are considering Kraken, run. If you are an existing user and have assets sitting on Kraken, don't risk being a victim. Withdraw your assets from Kraken while you can.
