Kraken Fixes Ethereum Funding Gateway Issues

Kraken Fixes Ethereum Funding Gateway Issues

The cryptocurrency exchange, Kraken has reportedly solved
an issue with its funding gateway for Ethereum, which caused a delay in deposits
and withdrawals. The exchange indicated on its status page that all of its
systems were operational without giving the details.

On Sunday, the exchange
announced that it was examining an issue on the Ethereum funding gateway that
could cause a delay in deposits and withdrawals. Kraken reported similar
disruptions for several crypto funding gateways, including those of
major cryptocurrencies like Bitcoin and Ethereum, in June.

Additionally, Kraken
suspended trading on its futures platform in June for maintenance.
Founded in 2011 and based in the US, Kraken is currently ranked the
third-largest digital asset exchange by daily trading volumes.

Kraken’s Jesse Powell
under Probe

About three weeks ago, Kraken’s Co-Founder, Jesse Powell
was investigated by Federal law enforcement agencies for allegedly hacking a non-profit entity he
founded. Powell’s home in Los Angeles was reportedly searched by the FBI, and his electronic devices were seized.

Specifically, according
to a report by Finance
Magnates, Powell is being
probed for allegedly blocking access
to the emails and computer accounts of the Verge Center for the Arts. Besides that, the US Attorney’s Office for the Northern District of California has reportedly been
investigating Powell.

According to the New
York Times, Powell, who stepped down as Kraken’s CEO last year, was removed
from the Board of Directors of Verge. However, he filed a lawsuit against the
non-profit organization contesting his dismissal.

IRS Targets Kraken

Meanwhile, earlier this month, Kraken was
ordered by the federal court to submit information related to historical transactions and users’ accounts to the Internal Revenue Service
(IRS). The tax agency is reportedly examining whether there are any
underreported taxes by the exchange.

In February, the IRS
filed a petition before a federal court in the Northern District of California
seeking to have the data of customers who transacted more than USD $20,000 between 2016 and 2020 on
Kraken. Additionally, the tax agency accused the crypto exchange of failing to comply with the sermons
issued earlier.

This article was written by Jared Kirui at

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