Kraken clients see red after Monday flash crash. Aggrieved investors seek compensation after 66pct wipe-out on #ethereum. Exchange denies liability but makes offers of between 5-50pct of losses
Conversation
Hey, Paul. You're right that we don't make markets on the exchange. Trades were all user-user and matching worked as expected. We're coming out of pocket to help some people out for the sake of client retention. Where you'll find the difference is in how people do the math.
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Hi Jesse, thanks for the response. What is your compensation policy then? The people I see discussing this are reporting very different amounts.
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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.
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What will be done for people who had negative balance?
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We don't plan to pursue anyone for collection of negative balances at this time but if you're not happy with the credit you received, please submit a support ticket and someone will review your case.
I would have been happy with the offer i received by email if negative was removed on EUR. So I just replied to your offer to inform I will close litigation if my negative EUR balance is set 0 because the rest of the offer seemed OK to me. Hope we can close this subject soon. 😀
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Hi Jesse, i lost 1200€ in my account,which was my all my savings and Kraken refuses to reimburse it completely. Now i have to proceed with the lawsuit, even you promises everywhere that small amounts will be refunded. For you it can be a small amount for me it was life savings.