HomeCoinsEthereum (ETH)Kraken offers refunds to crypto exchange traders hit by ETH price fall

Kraken offers refunds to crypto exchange traders hit by ETH price fall

- Advertisement -


Quick Take

  • The exchange found that its trading engine functioned correctly during the price move
  • But Kraken has been offering refunds throughout this week for sake of client retention

Crypto giant Kraken has been offering refunds to traders hit with heavy losses as a result of a sharp dip in the price of Ether (ETH) on the exchange earlier this week.

The price of ETH on Kraken fell to $700 on February 22, significantly below its low point on other major exchanges. With investors licking their wounds, Kraken investigated the sell-off and found that its trading engine had “processed orders correctly”.

Chief executive Jesse Powell took to Twitter to explain that the price move was caused by extreme selling while also calling for customers not to trade with leverage if they don’t understand the risks.

But in an apparent volte-face, Kraken has been offering to refund customers throughout the week. A report from New Money Review, the news site, suggests that Kraken clients have been offered refunds ranging in size from 5% to 50% of their losses.

In a series of tweets on February 26, Kraken’s Powell said the business was “coming out of pocket to help some people out for the sake of client retention.”

“Larger cases are evaluated individually. Smaller cases received an automatic credit. Amounts are based on what they would have received had the price floor been what it was at another venue. Generally, 80-100% of that is credited, combo of cash + fee credits,” he continued.

Powell added that Kraken would do what it could to help its customers but would not “bend over backwards to meet unreasonable demands.”

Kraken did not respond to requests for comment by the time of publication.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Related Reading



20201016023142aff i?offer id=10&file id=543&aff id=26183

Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
472FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,350FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 58,906.00
ethereum
Ethereum (ETH) $ 1,835.68
tether
Tether (USDT) $ 0.999833
bitcoin-cash
Bitcoin Cash (BCH) $ 528.89
litecoin
Litecoin (LTC) $ 197.40
eos
EOS (EOS) $ 4.31
okb
OKB (OKB) $ 16.36
tezos
Tezos (XTZ) $ 4.62
leo-token
LEO Token (LEO) $ 2.07
cardano
Cardano (ADA) $ 1.22
monero
Monero (XMR) $ 245.01
stellar
Stellar (XLM) $ 0.404460
chainlink
Chainlink (LINK) $ 28.19
huobi-token
Huobi Token (HT) $ 16.11
tron
TRON (TRX) $ 0.065305
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 218.07
neo
NEO (NEO) $ 45.06
iota
IOTA (MIOTA) $ 1.54
nem
NEM (XEM) $ 0.392950
zcash
Zcash (ZEC) $ 151.39
maker
Maker (MKR) $ 2,105.94
paxos-standard
Paxos Standard (PAX) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 12.87
vechain
VeChain (VET) $ 0.090184
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 39.90
kucoin-shares
KuCoin Token (KCS) $ 5.23
waves
Waves (WAVES) $ 12.55