{"id":567,"date":"2017-10-31T13:34:15","date_gmt":"2017-10-31T17:34:15","guid":{"rendered":"https:\/\/www.silvermillerlaw.com\/?p=567"},"modified":"2024-09-20T15:24:59","modified_gmt":"2024-09-20T15:24:59","slug":"kraken-well-see-you-in-arbitration","status":"publish","type":"news_posts","link":"https:\/\/www.silvermillerlaw.com\/press\/in-the-news\/kraken-well-see-you-in-arbitration\/","title":{"rendered":"KRAKEN: WE\u2019LL SEE YOU IN&#8230; ARBITRATION"},"content":{"rendered":"<p>In July 2017, Silver Miller &#8212; along with the Wites Law Firm &#8212; commenced a class action lawsuit against cryptocurrency exchange Payward, Inc. d\/b\/a Kraken (\u201cKraken\u201d) in the United States District Court for the Middle District of Florida on behalf of a group of aggrieved Kraken accountholders. The claimants &#8212; each of whom maintained margin accounts at Kraken in which they held Ether, among other digital assets &#8212; lost significant sums of money in a May 7, 2017 \u201cflash crash\u201d that saw Kraken\u2019s Ether market plummet nearly 75% in value . . . only to see the value restored to nearly its full value an hour later. During the one-hour crash, however, Kraken forcibly liquidated the claimants\u2019 margin accounts without affording them any opportunity to meet a margin call or even log-in to their accounts, as Kraken\u2019s software systems were inaccessible to the victims during the critical hour in which their accounts got liquidated.<\/p>\n<p>Relying on a set of \u201ctake it or leave it\u201d Terms of Service, Kraken insisted to the federal court that the victims not be allowed to pursue their claims in the public forum provided by the court and that the victims\u2019 dispute instead be handled in a private arbitration forum chosen by Kraken. Without waiving any of their substantive arguments, the claimants have agreed to shift to the arbitration forum their pursuit for justice, where they have been joined by nearly two dozen other victims of Kraken\u2019s flawed security and faulty software systems. While Kraken advertises itself as being the \u201c<em>best Bitcoin exchange<\/em>\u201d and providing \u201c<em>sound and reliable<\/em>\u201d access and support every hour of every day of the year, the arbitration Statement of Claim\u00a0alleges that Kraken\u2019s services are not nearly as sound or reliable as advertised, are not available when needed most, and purportedly can be withdrawn by Kraken at any time without any notice whatsoever to the account holders who serve as the lifeblood of Kraken\u2019s business. Moreover, the Statement of Claim demonstrates that whenever anything goes wrong at Kraken, Kraken takes no responsibility for those wrongs and instead puts the blame on its accountholders for trusting Kraken to provide the very services and security that Kraken promotes.<\/p>\n<p>Kraken is expected to provide its formal response to the Statement of Claim sometime in November 2017, though that response will likely be shielded from public view.\u00a0 Kraken\u2019s Terms of Service purport to require that the arbitration hearing is a confidential proceeding conducted by a single arbitrator, not a jury of the victims\u2019 peers.\u00a0 So, unlike a court case &#8212; where any member of the public can come to court and watch the jury trial and other court proceedings &#8212; Kraken\u2019s Terms of Service seek to keep Kraken\u2019s other customers, the government, and everyone else in world in the dark about what will actually happen when the trial of this matter occurs in the forum mandated by Kraken.<\/p>\n<p>Silver Miller currently represents the victims in lawsuits against multiple cryptocurrency exchanges (Cryptsy and\u00a0Kraken). If you have lost money at a cryptocurrency exchange or are concerned that the services advertised to get you to open an account were not matched by the services actually provided to you as an accountholder, contact Silver Miller <a href=\"https:\/\/www.silvermillerlaw.com\/contact-us\/\"><u>contact us<\/u><\/a> for a no-cost, no-obligation consultation to discuss your legal rights.<\/p>\n<p style=\"text-align: center;\">See the Statement of Claim:<\/p>\n<p style=\"text-align: center;\"><em><u>Confidential v. Kraken<\/u><\/em><\/p>\n","protected":false},"featured_media":1833,"template":"","meta":{"_acf_changed":false,"_links_to":"","_links_to_target":""},"news_categories":[10],"class_list":["post-567","news_posts","type-news_posts","status-publish","has-post-thumbnail","hentry","news_categories-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>KRAKEN: WE\u2019LL SEE YOU IN... 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