Kraken Reopens XMR Deposits | Mixed Reactions Among Traders
Kraken has restarted deposits for Monero (XMR), causing a stir in the crypto community. The change has seen mixed responses on forums, with users voicing significant concerns over the extensive confirmation process now required.
Lengthy Confirmation Times Spark Outrage
Traders are notably unhappy with the new requirement of 720 confirmations before credits are applied. As one commenter put it bluntly, "720 confirmations are they retarded?" Many users agree that this feels excessive, with some suggesting it should be limited to 15 confirmations at most.
Interestingly, the sentiment shifted when users compared Kraken's process to other exchanges. A user noted that KuCoin only mandated 50/150 confirmations for deposits and withdrawals—still a lot, but less daunting than Kraken's.
Questions About Security and Trustworthiness
Along with frustrations about confirmation times, users are questioning Kraken's reliability altogether. One skeptic asked, "Is Kraken no good?" echoing a trend of distrust. Concerns have been fueled in part by reports of significant consolidation of hash rate under a single entity affecting the Monero network's security.
"This raises questions about whether Kraken might halt deposits at any time, delaying credits as they see fit," one poster warned.
Impact on Trading Volumes
As traders mull over these issues, analysts estimate that about 60% of traders might rethink their position on Kraken due to these obstacles. If the exchange fails to address these concerns promptly, it could lead to a drop in trading volumes, pushing users to alternative platforms.
Key Highlights
⚠️ 720 confirmations required for XMR deposits, seen as excessive by many.
🔒 Concerns voiced regarding Kraken's reliability and the security of the Monero network.
🔄 A divide grows between those supporting the change and those calling for a boycott.
In the wake of this change, how Kraken communicates with its users will be crucial in preserving trust within the crypto community. As they navigate this situation, transparency and responsiveness will determine whether they can regain trader confidence.