Kraken suspends accounts of the executives of the FTX exchange

Amid the ongoing critical situation with the FTX crypto exchange, Kraken suspended all related accounts with FTX to fight against possible fraud risks.

Kraken is a popular US-based crypto trade platform, which is also known for its compliance-based services. This exchange was founded in 2011. In the present time, Kraken is standing at 3rd rank in the whole crypto space, in terms of 24 hours global crypto trade volume on its platform.

On 13 November, Kraken exchange announced that the exchange was in talks with the enforcement agencies over the FTX exchange liquidity crisis issue and confirmed that Exchange took strict action to ensure the safety of the customers.

The US-based exchange confirmed that it suspended accounts associated with the FTX crypto exchange & FTX executives to protect their creditors. 

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Kraken has spoken with law enforcement regarding a handful of accounts owned by the bankrupt FTX Group, Alameda Research and their executives. Those accounts have been frozen to protect their creditors.

Other Kraken clients are not affected. Kraken maintains full reserves.

— Kraken Exchange (@krakenfx) November 13, 2022

A spokesman from Kraken exchange shared some information regarding this matter with the popular news media website Cointelegraph. He said that the Kraken team was closely monitoring the whole matter that happened with the FTX exchange. 

Kraken official confirmed that action has been taken to protect customers’ funds and also said that it will only retard the access of certain funds “we suspect to be associated with ‘fraud, negligence or misconduct’ related to FTX.”

Just a couple of days ago, the FTX exchange team confirmed on the telegram channel that the exchange was compromised and hackers successfully made money. Tether, the USDT issuer company, froze some USDT funds on its network, which were stolen by the hackers.

These things are showing that almost all the crypto companies are under very big stress to maintain their trust level among their clients because of only the FTX exchange.

Read also: Visa terminates Crypto Card deal with FTX exchange

Kraken suspends accounts of the executives of the FTX exchange

 

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