As per recent news reports, the cryptocurrency exchange platform Kraken has decided to freeze all of the FTX accounts stalked at the exchanges and are directly or indirectly associated with the FTX platform.
In this process, the platform will be helping the identical users asserts at the FTX platform. But all these assets will be frozen by the company during the bankruptcy procedure of FTX platfrom which was started on Friday this week.
The Kraken platform has said in its recent statements that by freezing some accounts associated with the FTX platform the company will be saving the overnight tractions of these funds and the company will be able to save these funds from future uses during the bankruptcy proceedings of the FTX group.
The Kraken exchange has future mentioned that it is fully able to satisfy all the user’s needs and is had the full reserves to pay out all of its user’s repayments or withdrawal requests. Kraken exchange also mentions that the platform is having strong foundations in the balances sheets and the operations of the platform, the Kraken exchange has mentieod to work with the US regulars to officially regulate and use these frozen accounts shortly after the complete bankruptcy proceedings of the platform.
What is Kraken?
Kraken exchange is considered the oldest platform in the crypto industry with its inception in 2011, the platform has evolved concerning the evolution of the crypto industry and so it has gone through all the highs and lows of the cryptocurrency market. The Kraken exchange is quite famous amongst retail crypto investors because of its low fee structure and the robust security features on the platform.
Although the transactions in each cycle have to go through multiple checks for all the retail user’s multiple verifications before the transactions are accepted by the users, as a part of the platform security mechanism against all the malicious activities in the crypto industry.
The Kraken platform is considered one of the iconic crypto platforms in is working with the help of the features like the crypto market, as the Kraken exchange is the first platform to be listed on the Bloomberg terminal apart from that the platform was able to showcase the valuation of $10billion in the mid-summer of this year.
The Kraken exchange facilitates all the majorly trades crypto assets transactions on the platform and is considered as one of the most technologically advanced platforms amongst the US crypto and fintech companies.