What makes you think that the funds going from Kraken to QCX are not customer funds?
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Only Kraken customers would be moving funds from Kraken to QCX.
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You take the arb while it's there and you don't take it while it's not.
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yes, 0xfcd.. is a Kraken client deposit address. You realize that people can move money directly from one exchange to the other, right? There isn't a reason for exchanges themselves to be moving money around. Transfers directly between exchanges are most likely mutual clients.
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Wallet management can vary depending on hot balance vs expected withdrawals. Sometimes funds are swept out, other times not. Every client gets a unique ETH deposit address. Usually, funds will be swept from the main deposit wallets in to colder wallets.
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Nothing is preventing him from using the same deposit address to fund his Kraken account from many other wallets. If he is sending from his accounts at other exchanges, he almost certainly does not have control of the sending address.
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