{"id":737,"date":"2017-07-05T00:00:00","date_gmt":"2017-07-05T04:00:00","guid":{"rendered":"https:\/\/www.silvermillerlaw.com\/media-coverage\/ethereum-traders-file-class-action-lawsuit-over-kraken-flash-crash\/"},"modified":"2024-04-17T20:36:51","modified_gmt":"2024-04-17T20:36:51","slug":"ethereum-traders-file-class-action-lawsuit-over-kraken-flash-crash","status":"publish","type":"news_posts","link":"https:\/\/www.silvermillerlaw.com\/press\/in-the-news\/ethereum-traders-file-class-action-lawsuit-over-kraken-flash-crash\/","title":{"rendered":"Ethereum Traders File Class Action Lawsuit Over Kraken Flash Crash"},"content":{"rendered":"<p>A class-action lawsuit has been filed against cryptocurrency exchange startup Kraken over issues stemming from its management of a May flash crash.\u00a0The lawsuit was filed on behalf of the plaintiffs by the Florida-based Silver Law Group, which has been involved in lawsuits filed against the now-defunct exchange\u00a0<a href=\"http:\/\/exchange%20startup%20coinbase%20and\/\" target=\"_blank\" rel=\"noopener\">Cryptsy<\/a>. Wites &amp; Kapetan, another law firm based in Florida, is also involved in the suit.<\/p>\n<p>Less than two months later, five customers of the exchange are alleging negligence, breach of contract and unjust enrichment, arguing that Kraken should have suspended trading amidst a denial-of-service (DDoS) attack that impacted its operations.<\/p>\n<p>Newly filed court documents name five plaintiffs, including one in the US, two in Israel and two others based in the UK, while Payward Inc, which does business as Kraken, is named as the sole defendant.\u00a0Between the five customers, a total of 3,414.078 ETH \u2013 an amount worth roughly $329,000 at a price of $96.32 \u2013 was liquidated.<\/p>\n<p>That amount is equal to about $911,000 at press time.<\/p>\n<div id=\"top-id\">\u00a0<a href=\"https:\/\/www.reddit.com\/r\/ethtrader\/comments\/69udpp\/kraken_ethusd_at_50_usd_crash\/\" target=\"_blank\" rel=\"noopener\">Social media<\/a>\u00a0reports at the time attest to a plunge in the price of ether, the cryptocurrency of the ethereum network, on the exchange&#8217;s order books, with market data from\u00a0<a href=\"https:\/\/www.cryptocoincharts.info\/pair\/eth\/usd\/kraken\/3-months\" target=\"_blank\" rel=\"noopener\">CryptoCoinCharts.info<\/a>showcasing how prices touched\u00a0a low of $26, resulting in a wave of liquidations.<\/div>\n<div><a href=\"https:\/\/www.coindesk.com\/ethereum-class-action-lawsuit-filed-against-digital-currency-exchange-kraken\/\" target=\"_blank\" rel=\"noopener\">Read the rest of the article.<\/a><\/div>\n","protected":false},"featured_media":1769,"template":"","meta":{"_acf_changed":false,"_links_to":"","_links_to_target":""},"news_categories":[],"class_list":["post-737","news_posts","type-news_posts","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ethereum Traders File Class Action Lawsuit Over Kraken Flash Crash - SilverMillerLaw.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.silvermillerlaw.com\/press\/in-the-news\/ethereum-traders-file-class-action-lawsuit-over-kraken-flash-crash\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum Traders File Class Action Lawsuit Over Kraken Flash Crash - SilverMillerLaw.com\" \/>\n<meta property=\"og:description\" content=\"A class-action lawsuit has been filed against cryptocurrency exchange startup Kraken over issues stemming from its management of a May flash crash.\u00a0The lawsuit was filed on behalf of the plaintiffs by the Florida-based Silver Law Group, which has been involved in lawsuits filed against the now-defunct exchange\u00a0Cryptsy. 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