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News

Kraken CSO Restores Lost Funds, Confirms Return with Minor Deduction!

June 20, 2024 - Around 2 mins mins to read

Key Points:

  • Kraken CSO Nick Percoco confirms funds returned after minor fee deductions via Twitter.
  • CertiK’s test resulted in initial discrepancies, but funds were promptly adjusted to meet Kraken’s requirements.
Kraken’s Chief Security Officer (Kraken CSO), Nick Percoco, declared the funds returned after all the hue and cry with CertiK.
Kraken CSO Restores Lost Funds, Confirms Return with Minor Deduction!

Nick Percoco believes that while tiny fee losses have occurred, funds are fully restored to Kraken, a larger cryptocurrency exchange platform.

Read more: Kraken Critical Vulnerabilities Could Lead To Hundreds Of Millions Of Dollars In Losses

CertiK’s Test Causes Initial Discrepancies, Promptly Resolved

CertiK had initiated a large-scale test to assess the boundaries of its mechanisms for risk control. This, therefore, was prompted, upon return of the funds to Kraken, that amounts transferred earlier did not match, prompting discrepancies as required by the exchange.

Kraken CSO Restores Lost Funds, Confirms Return with Minor Deduction!

Despite this first setback, CertiK swiftly rectified the situation to ensure Kraken got the right amount, per the agreement.

Kraken CSO’s social media announcement reassured Kraken users and stakeholders of the company’s commitment to transparency and security in handling incidents. Resolution in rapid time points toward the requirement for robust risk management protocols in the cryptocurrency industry, where trust and reliability are paramount.

With rigid security measures, Kraken is always ahead of the pack regarding digital assets, yet it remains vigilant concerning current events. This move with CertiK exposes all the pitfalls the exchanges can fall into regarding their integrity of operations against improving technological innovation and increasing regulatory pressure.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Kraken

Kraken CSO

Kraken's Chief Security Officer

lost fund

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

Kraken CSO Restores Lost Funds, Confirms Return with Minor Deduction!

Key Points:

  • Kraken CSO Nick Percoco confirms funds returned after minor fee deductions via Twitter.
  • CertiK’s test resulted in initial discrepancies, but funds were promptly adjusted to meet Kraken’s requirements.
Kraken’s Chief Security Officer (Kraken CSO), Nick Percoco, declared the funds returned after all the hue and cry with CertiK.
Kraken CSO Restores Lost Funds, Confirms Return with Minor Deduction!

Nick Percoco believes that while tiny fee losses have occurred, funds are fully restored to Kraken, a larger cryptocurrency exchange platform.

Read more: Kraken Critical Vulnerabilities Could Lead To Hundreds Of Millions Of Dollars In Losses

CertiK’s Test Causes Initial Discrepancies, Promptly Resolved

CertiK had initiated a large-scale test to assess the boundaries of its mechanisms for risk control. This, therefore, was prompted, upon return of the funds to Kraken, that amounts transferred earlier did not match, prompting discrepancies as required by the exchange.

Kraken CSO Restores Lost Funds, Confirms Return with Minor Deduction!

Despite this first setback, CertiK swiftly rectified the situation to ensure Kraken got the right amount, per the agreement.

Kraken CSO’s social media announcement reassured Kraken users and stakeholders of the company’s commitment to transparency and security in handling incidents. Resolution in rapid time points toward the requirement for robust risk management protocols in the cryptocurrency industry, where trust and reliability are paramount.

With rigid security measures, Kraken is always ahead of the pack regarding digital assets, yet it remains vigilant concerning current events. This move with CertiK exposes all the pitfalls the exchanges can fall into regarding their integrity of operations against improving technological innovation and increasing regulatory pressure.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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