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Kraken dispels reports of ceasing operations in Halifax and security breach

Shahrain KM



Kraken dispels reports of ceasing operations in Halifax and security breach
Source: Unsplash

Recently, Kraken, the world’s largest Bitcoin exchange in Euro volume and liquidity was the talk of the cryptocurrency community when it was alleged that the firm had fired hundreds of employees in Halifax, Canada. The firm was also on the radar when rumors abounded that the US-based cryptocurrency platform was shutting down operations in the city of Halifax.

On 9th September, Kraken which currently operates in Canada, The European Union, Japan, and the United States announced that it was true that the platform had fired some of their staff at the Canada-based offices. However, it was not because of the impending shutdown of offices in the area.

Kraken stated:

“We can confirm that we are not shutting down any operations in any specific place, and there has been no security breach. Everything is fine & secure.”

The rumors were spread across several social media platforms and first appeared on Reddit. Jesse Powell, the Co-Founder and CEO in response to the rumors denied all the false claims of a supposed shutdown or the occurrence of a security breach. However, Powell went on to confirm that layoffs did occur as a part of cost-cutting. Powel on Twitter stated:

“Company laid off about 10% of Client Services team in cost-saving measure. Others offered optional & voluntary resignation packages. No security breach, not “hundreds of people”. No other teams affected, still aggressively hiring globally for all functions.”.

According to Kraken, the number of employees who were fired was 57, as opposed to the allegations of ‘several hundred being fired’ in Halifax. Kraken further affirmed that the employees who were fired were given generous severance packages.

A Redditor named Mr_poorman commented:

“This caught me by surprise. How does Kraken have so many employees yet the system is shit? This ain’t go government staffs.”

Another Redditor named Taa_dow said:

 “Lays off or they left for a better deal?”

Speedboxx, another Redditor added:

“Kraken is the worst exchange, I don’t understand why people still do business with them. I remember there was a fiasco last year where their servers weren’t capable of handling the load and it actually resulted in people losing money on the trading platform due to the bugs.”

He further said:

“Orders saying they weren’t going through and actually going through, double spend issues, etc took place. There were some pretty high profile and super pissed users here, I wonder how far along they are with that lawsuit.”

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Shahrain KM is a writer at AMB Crypto. Her curiosity in Blockchain technology and Cryptocurrencies has led her to be a part of the news reporting team of AMB Crypto. She does not hold value in any cryptocurrencies currently.


Ethereum [ETH]: Samsung planning to create its own ETH-based blockchain; may issue own token soon

Akash Anand



Ethereum [ETH]: Samsung in the works to create its own ETH-based blockchain, may issue own token soon
Source: Pixabay

The mainstream adoption of cryptocurrencies and blockchain technology has come a long way, with many financial and non-financial institutions now entering the mix. Technology giant, Samsung, is not new to the field, as the South Korean organization previously blew up the cryptosphere by meshing crypto with the launch of the company’s latest flagship device, the Galaxy S10.

Latest reports now suggest that Samsung is getting more serious about virtual assets, as the company might be on its way to create its own Ethereum [ETH]-based blockchain network, with the prospect of launching its own cryptocurrency token in the near future. An anonymous official from the organization stated,

“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid—that is, a combination of public and private blockchains.”

Sources from within the company added that blockchain technology is being developed by the wireless technology division of Samsung. Despite the fact that it has not been confirmed as to what devices will provide support for the blockchain, a company official revealed that “some models are being tested for it.”

Samsung’s tryst with Ethereum has been ongoing for quite some time now, with previous developments suggesting that Ethereum could be vulnerable on the S10 device. This was evidenced by a video put out by a user ‘darkshark’ on Imgur, in which it was shown how easy it was to crack the phone. Darkshark stated,

“This brings up a lot of ethics questions and concerns. There’s nothing stopping me from stealing your fingerprints without you ever knowing, then printing gloves with your fingerprints built into them and going and committing a crime.”

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